Russia’s Novak: OPEC+ may consider easing oil output caps in March

In an interview aired on RBC TV this Monday, Russian Energy Minister Alexander Novak said the OPEC and its allies (OPEC+) may consider easing oil output restrictions at their meeting in March, per Reuters.

Key Quotes:

“We can consider any options, including gradual easing of quotas, including continuation of the deal,”

“Everything will depend on how the situation develops in March and on the forecasts for the following quarters... At the moment, the situation is more or less stable on the market.”

Cooperation with OPEC will continue so far as it is “effective and brings results, until the market requires it”.

Meanwhile, both crude benchmarks trade with modest losses, with WTI hanging just above the 60 handle, finding support from US-China trade optimism.