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Commodities

Russia's Novak says oil prices may allow non-OPEC+ producers to lift output

FILE PHOTO: Russian Energy Minister Alexander Novak arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger

MOSCOW (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Wednesday there was a risk of non-OPEC+ oil producers increasing output due to higher oil prices and that oil market demand was gradually being restored.

In televised comments at a meeting chaired by President Vladimir Putin, Novak said the oil market was stable now and that Russia would raise output in April due to an improved situation with the pandemic.

Reporting by Vladimir Soldatkin; Writing by Tom Balmforth; Editing by Jan Harvey

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