Mubasher: Russian Energy Minister Alexander Novak said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies have different options over the output policy in the second half of 2019, according to CNBC.

 “As far as our joint plan of action for the second half of the year. We are supportive of continuing our cooperation with our colleagues from other countries,” Novak told CNBC.

Novak’s remarks came after a joint ministerial monitoring committee (JMMC) meeting in Saudi Arabia, in which the so-called OPEC+ alliance agreed to monitor the oil market, while they are set to meet in late June to review the oil supply restraints.

“This continuation could depend to various extents on how the situation unfolds by this time and what the forecasts for supply and demand will be on the market,” Novak said.

The producer alliance will be ready to weigh various ways to respond to any shortfall in the market, he added.

Late last year, OPEC and other non-affiliated producers agreed on a new round of oil supply restraints starting from last January, with the aim to curb crude inventories from piling up and shore up prices.

The deal helped to send oil prices to soar by more than 30% so far this year.

By 12:43 pm GMT, US Nymex crude futures declined by 0.11% to $62.69 per barrel (pb), while international benchmark Brent futures inched up by 0.06% to $72.25 pb.