Oil prices are at good level, market is balanced, Russia's Novak says

Oil prices are at a good level and the market is balanced, Russian Deputy Prime Minister Alexander Novak told reporters on Wednesday. Novak declined to comment on whether the OPEC+ group of oil-producing countries is going to change their existing oil supply cut deal during its meeting on Sunday, Nov.26.

Russia has agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 500,000 barrels per day (bpd) until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year.