Novak announced the stabilization of the world oil market – Kommersant

Following the meeting of the OPEC+ Monitoring Committee, Deputy Prime Minister of Russia Alexander Novak said that the world oil market had stabilized, and the countries of the organization in June were able to fulfill the terms of the deal to reduce oil production by more than 100%.

“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,” Mr. Novak said in an interview with the Rossiya 24 TV channel.

“We are seeing, by the way, the maximum growth in demand, record figures, that is, after the pandemic, we have recovered, (we are.—”b”) above the level of 2019 in terms of oil consumption in the world – 102.4 million bpd,” he added. According to him, the growth in oil demand by the end of the year may reach 2.4 million bpd, and in 2024 – by another 2.2 million bpd.

As for the meeting of the monitoring committee, then, according to Mr. Novak, the participants assessed the implementation of the agreement for June. “It is at a high level, more than 100%,” he added. According to him, the participants of the meeting extended the voluntary reduction of oil by Saudi Arabia by 1 million barrels per day and Russia’s decision to commit to extend the voluntary reduction of exports by 300 thousand barrels per day until September.

The next meeting of the OPEC+ Ministerial Monitoring Committee is scheduled for October 4.