Russia's Novak does not expect new steps from OPEC+ meeting -agencies

Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from OPEC+ at its meeting in Vienna on June 4, the TASS news agency reported. Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of more than one million barrels per day in April after crude prices in March fell towards $70 a barrel, the lowest in 15 months.

Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from OPEC+ at its meeting in Vienna on June 4, the TASS news agency reported.

Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of more than one million barrels per day in April after crude prices in March fell towards $70 a barrel, the lowest in 15 months. Novak also said he expected Brent to be above $80 a barrel by the end of the year, the state-owned news agency RIA reported. He noted that current prices of $75-76 are due to the market's assessment of the global macroeconomic situation.