Novak: Global Oil Demand Will Rise This Year

Russian Deputy Prime Minister Alexander Novak stated today, Friday, that global oil demand will increase by 2.4 million barrels per day this year, and that strong demand is making the market balanced. Following a meeting of the Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC) and producers from outside it, he mentioned that his country's oil production remains stable at around 9.5 million barrels per day. Novak continued in statements to Russian state television: "Russia is fully committed to the agreements that have been reached, and in general, we fully comply with our obligations within (OPEC+)." He added: "The market today is stable from our perspective. Prices are at an acceptable level. Thanks to the measures taken by (OPEC+), including Russia, the balance of supply and demand is being maintained."