Russia says OPEC+ will resist pressure to boost production

Russian Deputy Prime Minister Alexander Novak

Russian Deputy Prime Minister Alexander Novak said OPEC+ will not comply with requests from China and the US to increase the production of oil.

In an interview with the state-owned RBC media, Novak said the request did not fit in his long-term vision, stating that mining companies "need to understand in advance what investments to plan in order to ensure production increases".

He pointed out that the group cannot constantly provide fluctuations in production.

Meanwhile, Novak said the release oil reserves by the US and other major consumers will have a limited short-term effect on the oil market.

The minister expected oil to trade between $65 and $80 per barrel next year.