Global oil market balanced, Novak says

  MOSCOW: The global oil market is currently balanced owing to efforts of OPEC+ countries and this year sees a record-high incremental growt...

 

MOSCOW: The global oil market is currently balanced owing to efforts of OPEC+ countries and this year sees a record-high incremental growth of oil demand supported by appropriate supplies, Russian Deputy Prime Minister Alexander Novak said on the air with the Rossiya-24 TV Channel.

"Such joint efforts [of OPEC+ countries] resulted in the market being balanced. We see the demand at present is rather high during the summer and fall period; it is supported by the required offer. By the way, the record-high increase of oil demand is observed this year across the globe in general - 102.4 mln barrels daily, with incremental growth of 2.4 mln barrels [per day]. This is very sound; it was about one million barrels per day before," Novak said.

Russia made the decision to continue the reduction of oil supplies to global markets by 300,000 barrels per day in order to maintain the stability and the balance of oil markets, Novak said earlier.

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