Novak: No discussions yet on OPEC+ output increase

Russian Deputy Prime Minister Alexander Novak stated that the OPEC+ group has not yet discussed increasing oil production by an additional 411,000 barrels per day ahead of its upcoming meeting, according to the RIA news agency.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online ministerial meeting on May 28.

Novak said he expects the group to discuss the current market situation, forecasts, and some “adjustments,” according to RIA.

A separate meeting will also be held by eight OPEC+ countries that had committed to additional voluntary oil production cuts. They will meet on May 31, a day earlier than previously scheduled, three sources told Reuters.

That meeting is likely to determine July production levels, which, according to earlier sources cited by Reuters, could mean another production increase of 411,000 barrels per day.

Novak also stated that plans by the G7 and the EU to lower the price cap on Russian oil to $50 per barrel from the current level of $60 were unacceptable, and that such restrictions have failed to curb Russia's crude exports.