# Russia's Novak does not expect new steps from OPEC+ meeting | Reuters

> Russia's Deputy Prime Minister Alexander Novak said he does not expect new steps from the upcoming OPEC+ meeting. He expected Brent to rise above $80 a barrel later in the year. OPEC+ producers had earlier announced cuts of over one million barrels per day in April.

- Date: 2023-05-25 · published 2023-05-25T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/36111-russia-s-novak-does-not-expect-new-steps-from-opec-meeting-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expectations of no new OPEC+ action leave crude supported near current levels, keeping energy input costs firm for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-08-31 | [Russia promises to unveil new OPEC+ supply cut deal next week \| Reuters](https://feedsoft.ai/events/34493-russia-promises-to-unveil-new-opec-supply-cut-deal-next-week-reuters.md) | +5.7% | +12.3% |
| BRENT | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -9.9% | -6.0% |
| BRENT | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -4.2% | -6.1% |
| BRENT | 2019-10-22 | [OPEC, allies to consider deeper oil cuts at December meeting - Reuters — Octa](https://feedsoft.ai/events/56467-opec-allies-to-consider-deeper-oil-cuts-at-december-meeting-reuters-octa.md) | +3.4% | +6.2% |
| BRENT | 2016-12-11 | [OPEC, Non-OPEC Ministers Meet](https://feedsoft.ai/events/73392-opec-non-opec-ministers-meet.md) | +2.7% | +0.3% |
| WTI | 2023-08-31 | [Russia promises to unveil new OPEC+ supply cut deal next week \| Reuters](https://feedsoft.ai/events/34493-russia-promises-to-unveil-new-opec-supply-cut-deal-next-week-reuters.md) | +6.4% | +12.3% |
| WTI | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -8.8% | -5.2% |
| WTI | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -1.4% | -2.5% |

## Sources

- reuters.com: https://www.reuters.com/world/europe/russias-novak-does-not-expect-new-steps-opec-meeting-2023-05-25/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.