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WorldPosted at: Nov 8 2024 8:13PM


Oil output rise delayed from Dec over drop in winter demand: Novak

Moscow, Nov 8 (UNI) The decision of OPEC plus to postpone the increase in oil production by a month starting from December is due to the decrease in seasonal demand during winter, Russian Deputy Prime Minister Alexander Novak said on Friday.
In early November, the Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC) said that OPEC+ had postponed the gradual reduction of voluntary oil production by 2.2 million barrels per day for one month, until December.
"Therefore, it is absolutely logical, given that it is currently the winter season and there is a decrease in demand compared to the summer season, that fewer cars consume petroleum products and drive in winter. Additionally, the holiday season is coming to an end. From the perspective of supply and demand balance, it would be advisable to shift supply slightly to the right," Novak told the Rossiya 24 broadcaster.
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