The alliance is set to meet Dec. 2 to decide on January production levels amid a US -led attempt to lower prices by releasing stocks and fears over new lockdowns due to the new COVID-19 strain.
The rapidly spreading variant caused Dated Brent to plunge 11% on the day to $73.27/b on Nov. 26, according to S&P Global Platts assessment.
Novak told reporters on the sidelines of the Russian-Chinese energy business forum, as quoted by Prime news agency:
- The emergence of a new variant always causes such market assessments, because various restrictive measures can be taken by the governments of different countries
- We need to monitor how the situation develops, we must carefully monitor the market
- There is no need to make hasty decisions
At the same time, Russia does not see any need for urgent action by the OPEC+ alliance in light of rising concerns about the pandemic and there are no proposals by other OPEC+ countries to revise strategy or increase output.
- We will additionally discuss the market situation and the need for measures with the OPEC + countries
- The JMMC was rescheduled in order to work out everything in detail, to get more information about current events, including on a new variant of the virus
- So far, the dynamics of global oil reserves studied weekly by the alliance "are still normal"