Russia’s energy minister said it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed

The Organization of the Petroleum Exporting Countries and its allies may discuss this month which countries have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak said

Russia will propose to OPEC+ to react to the recovery in global oil demand, which has now reached 90% of the levels seen before the pandemic, Russia’s Energy Minister Alexander Novak said

OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end

Russian Energy Minister Alexander Novak said the global oil market might achieve a balance between supply and demand in July and could even face a shortage of crude

Without mentioning who the new deal’s members should or could be, Russia called for a new OPEC+ deal to balance oil markets to cushion the economic fallout from coronavirus