Novak announces recovery of global oil demand to pre-Covid levels
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The oil market is quite balanced and has recovered to pre-pandemic levels, Deputy Prime Minister Alexander Novak said in an interview with Russia 24 TV channel. transmits Interfax.
“In fact, both demand and supply have already fully recovered to the pre-pandemic level, that is, we are at the levels that we had before March-April 2020,” he specified.
In his opinion, the decision taken today by the OPEC + member countries to increase oil production by 100,000 barrels per day from September will help meet the growing demand. However, the situation on the oil market remains uncertain due to possible disruptions in supply chains amid sanctions against Russian oil and oil products. The emergence and spread of new strains of coronavirus also creates a situation of uncertainty.
Today, the 31st ministerial meeting of the participants in the OPEC + deal took place, within which it was decided to increase oil production by 100,000 barrels per day, while Russia and Saudi Arabia will be able to add 26,000 barrels per day. The countries also drew attention to the fact that commercial oil reserves in the Organization for Economic Development and Cooperation (OECD) in June decreased by 163 million barrels compared to June last year and were below the average for 2015-2019. by 236 million barrels.
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