There’s no need for additional oil output cuts beyond what key producers have already agreed, as the global crude market is in balance, Interfax reports, citing Russia’s Deputy PM Novak
“We took this decision only a month ago, and it will come in force from May for the countries that joined the cuts voluntarily,” Novak said in Moscow,
referring to OPEC+ curbs, according to the news agency. The voluntary output reductions will be supportive for the market in case of an imbalance, he added.
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