The situation on the oil market is stable, there is a balance between supply and demand, and the current oil price reflects the situation. Deputy Prime Minister of the Russian Federation Alexander Novak said this in an interview with Russia-24 following the results of the OPEC+ ministerial meeting.
“Today the situation is stable, including thanks to the actions of the OPEC+ countries. We are observing a balance of supply and demand. This was the case both in the summer and today, in the winter. For this purpose [the OPEC+ countries] made a decision at the ministerial meeting to maintain this balance," he said.
“The prices on the market also reflect the current status in the winter,” Novak noted.
According to him, Russia expects an increase in demand on the global oil market this year at the level of 1.4 million barrels per day, next year - 1 million bpd. “Accordingly, we will look at how the situation on the markets will develop. Based on this, we will make further decisions about certain decisions of our ministerial meeting,” he added.
