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Post: Novak announces improvement in world oil market situation

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Alexander Novak, Deputy Prime Minister of the Russian Federation. archive photo

Novak said the global oil market is in better shape today than it was two months ago.

VIENNA, 4 December – RIA Novosti. The global oil market is better today than two months ago, but there are still uncertainties declaration Alexander Novak, Deputy Prime Minister of the Russian Federation.

“We emphasized today (at the OPEC+ meeting – ed.) that the market is in better shape than two months ago, but we certainly highlighted a lot of uncertainty today,” Novak told Russia 24 TV channel.

Among the uncertainties, the Deputy Prime Minister drew attention to the high inflation rate in many countries, the high level of government debt, the tightening of monetary policy by many countries, as well as the recurrent COVID-19 outbreaks in China.

At a meeting on Sunday, the Alliance reaffirmed its October decision and decided to maintain the existing parameters of the agreement.

OPEC+ reduced oil production by 9.7 million barrels per day in May 2020 due to the drop in oil demand caused by the pandemic. Since August of this year, the alliance has entered the final phase of coming out of these cuts, but since November it has reduced production by 2 million barrels per day from the highest possible level for August.

Source: Ria

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