Novak announced the stabilization of the global oil market
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The world oil market is now experiencing a balance of supply and demand thanks to the actions of OPEC + and Russia, said Russian Deputy Prime Minister Alexander Novak in an interview with Russia 24 TV channel.
“Today, in our opinion, the market is quite stable. Quotes are at an acceptable level. Thanks to the actions of OPEC +, including Russia, a balance of supply and demand is ensured,” – leads his words “Interfax”.
At the same time, the maximum growth in demand is now observed, which by the end of the year may increase by 2.4 million bpd, the Deputy Prime Minister explained.
In Russia, Novak added, total production is holding at 9.5 bpd.
“That means minus 500,000 [б/с] voluntary cuts that have been implemented since March of this year,” he said (quote according to TASS).
OPEC+ Ministerial Monitoring Committee earlier today couldn’t bear new recommendations on changing oil production quotas. The Committee acknowledged Saudi Arabia for voluntarily reducing oil production by 1 million barrels per day in September. The committee also thanked Russia for the additional reduction in exports in September. The next committee meeting is scheduled for October 4.
On August 3, Novak announced that Russia would extend the cut in oil exports to September by 300,000 barrels per day. In August, Russia should cut supplies by 500,000 barrels per day. In February 2023, Novak announced that Russia would voluntarily cut oil production in March by 500,000 barrels per day. In April, he specified that the voluntary cut in oil production would be extended until the end of 2023.
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