Opec+ countries are strategically reducing oil production to prevent a future supply shortage, TASS news agency reported, citing Russian Deputy Prime Minister Alexander Novak.
 
Novak was reported as saying that the current oil price of about $80 a barrel is well-balanced and meets the needs of consumers and producers, adding that Russia does not rule out extending the Opec+ oil production agreement beyond 2025 if market conditions dictate. --Reuters