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Russian Deputy Prime Minister Alexander Novak. archive photo

Deputy Prime Minister Novak assesses the situation in the oil market as balanced

VIENNA, 4 June – RIA Novosti. There is a balance between supply and demand in the oil market, reported Alexander Novak, Deputy Prime Minister of the Russian Federation.

“Everyone agrees that the situation is more or less balanced, that there is a balance between supply and demand thanks to the decisions taken by OPEC +,” Novak said in an interview with Russia 24 TV channel. market.

According to the Deputy Prime Minister, there will be an increase in oil demand in 2023, especially in the summer months. Novak, “In many countries, we see an increase in business activity, entrepreneurship, an increase in the number of road transport, and an increase in the number of air transport. These are, of course, positive factors affecting the increase in demand.”

He also noted that as a result of the meeting, decisions were taken that allow us to estimate the supply-demand balance until the end of 2023 in the most accurate way from today. “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 situation in the market,” Novak said.

OPEC+ agreed to set its overall oil production level in 2024 to 40.46 million barrels per day, after a meeting on Sunday. Russia should adjust its oil production in 2024 to 9.828 million barrels per day.

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Source: Ria

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