Russia ready to maintain stability in global oil market

The global oil market remains sensitive to demand-supply fluctuations and OPEC+ nations will take additional measures to maintain its stability, Russian Deputy Prime Minister Alexander Novak said.

"The market remains sensitive to changes in the demand and supply. It stability depends on decision by key players. Out key task is to ensure the full compliance with the existing agreements... Depending on the market situation, additional decisions will be made if necessary," Alexander Novak said.

Earlier, the OPEC+ nations have reiterated their commitment to the existing agreements setting overall oil production level until the end of 2026 and agreed on the mechanism to assess participating countries’ maximum sustainable production capacity to be used as reference for the 2027 production baselines.