Russia’s Deputy PM and top OPEC+ negotiator Alexander Novak explains in a recent interview why the group decided not to heed the U.S. call for more production Novak: Oil production companies must plan their investments ahead of time in order to secure production growth Novak, like many observers, downplayed the effect of the SPR release An ambition to provide the global oil market with clear guidance on future production plans and discipline in sticking to already agreed policies is the reason OPEC+ did not respond to U.S. calls to boost oil production, Russia’s Deputy PM and top OPEC+ negotiator Alexander Novak said. In an interview with news outlet RBC, Novak explained that it was more important for the extended cartel to indicate how much oil it will be producing in the medium term as demand increases rather than boosting output in the near term in response to a large […]