Russia’s Novak hopes US President-elect Biden won’t upset oil market stability

Russia hopes the incoming administration of US President-elect Joe Biden will not derail producer nations’ action to boost oil markets, Russia’s Deputy Prime Minister Alexander Novak said on Monday.

Russia, other leading oil producers and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, have joined forces to reduce output and bolster the global oil market as the COVID-19 pandemic has weakened fuel demand.

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