OPEC does not need to make up for Russia oil output cut

There is no need for the Organization of the Petroleum Exporting Countries to increase oil output to make up for Russia's 500,000 barrel per day cut, Angola's secretary of state for oil and gas told Reuters on Wednesday.

"We believe the Russian oil is still there," Angola's Jose Barroso said. "They find a way, they find new markets... There is a balance in the market."