Russia says too early to say if market ready for extra oil from Dec
Adds detail, quote in paragraph 7
By Olesya Astakhova
MOSCOW, Oct 9 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Wednesday it was too early to say if the market would need additional oil volumes, which the OPEC+ group of leading oil producers plan to produce starting from December.
His comments may set stage for a debate on whether to implement the oil output hike agreed by the group.
He also said that the group, which includes Russia and Saudi Arabia, did not discuss any changes to the agreement to gradually phase out oil output cuts starting from December.
OPEC+ has cut output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022.
The group plans a 180,000 bpd increase in December as part of a gradual unwinding of its most recent layer of voluntary cuts extending into 2025.
The hike was delayed from October after prices slid.
When asked if the market was healthy enough to absorb additional barrels from December, Novak told reporters: "It's too early to say now, we will monitor the situation daily."
Novak has said that oil consumption is usually lower in autumn and winter, however demand has increased so far by 1.8 million bpd this year.
There are doubts about whether global oil demand will still be as robust as had been expected.
Saudi Energy Minister Prince Abdulaziz bin Salman has said that OPEC+ always has options to adjust policy quickly depending on the situation.
The U.S. Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report that global and U.S. oil demand growth next year will not meet prior forecasts due to weakening economic activity in China and North America.
OPEC+ is due to held its semi-annual summit on Dec.1 to decide on future output policy.
Novak said it was still not clear if the event would be held online or in person.
Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; Editing by Hugh Lawson and Toby Chopra
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