Russia Says OPEC+ Did Not Change Oil Overproduction Compensation Terms

Russia expressed interest in the continued operation of the OPEC+ alliance despite current market tensions. The commentary noted that the group is not an attempt to artificially raise oil prices. Analysts discussed whether the current geopolitical situation might cause the alliance to collapse, but the sentiment remained that the group can withstand the pressure. This follows the recent agreement by OPEC+ to increase oil production quotas. Russia stated that OPEC+ should continue to operate and noted that the group is not attempting to drive up prices. Russian Deputy Prime Minister Alexander Novak stated that OPEC+ countries did not change the terms for compensating for overproduction of oil. According to Novak, participants at the last organization meeting on May 3rd only discussed increasing quotas. At that meeting, seven OPEC+ countries agreed to increase the oil production limit by 188,000 barrels per day in June.