Deputy Prime Minister of the Russian Federation Alexander Novak in an interview with a TV channel “Russia 24” evaluated the situation in the oil market.
“Everyone agrees that the situation is more or less balanced, there is a balance of supply and demand, including the decisions taken by OPEC+,” he said.
According to Novak, there is an increase in demand for oil this year, especially in the summer months.
Deputy Prime Minister, “In many countries, we see the revival of trade and entrepreneurship, an increase in the number of road transport, an increase in the number of air transport,” he said.
He pointed out that these are positive factors affecting the growth in demand.
Novak also said that after the results of the last meeting of OPEC+, decisions were taken that allow us to predict the supply-demand balance in the most accurate way from today until the end of this year.
“A decision has been made by the end of 2024 so that the market sees that we continue to interact and we have a desire to continue working together on the market situation,” Novak said.
June 4 OPEC+ alliance acceptance this will reduce the overall oil production level in 2024 to 40.46 million barrels per day. At the same time, Russia needs to reduce its production level to 9.928 million barrels per day.