Russian Deputy Prime Minister Alexander Novak told reporters on Thursday that, at the moment, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) don't see a need for further slashes in the oil output.
"We only made a decision [to cut the output] a month ago, and it will come into force from May for those countries that have joined," Novak said answering one of the journalist's questions and adding that OPEC+ can always adjust the volume of oil production if necessary.
Previously, Saudi Arabia and other major oil suppliers announced surprise cuts that will start in May and last throughout the end of the year, slashing the output by roughly 1.15 million barrels per day. In addition, Russia revealed it would be extending its own cuts.
