OPEC+, the Group of leading oil producers, saw no need for further oil reductions despite lower-than-expected Chinese demand, but that the organization can always adjust its policy if necessary, according to Russian Deputy Prime Minister Alexander Novak, Reuters reported.

He also added that Russia reached its targeted output this month after announcing to cut 5% of its oil production, until the year-end.

According to Novak, Russian oil and gas condensate production is anticipated to fall from 535 million tons in 2022 to approximately 515 million tons.

Asked if the group needed to lower its output further because of falling oil prices, Novak said: “Well, no, of course not because we only made a decision (on reduction) a month ago, and it will come into force from May for those countries that have joined.”