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US Presidential election, COVID vaccine positively impact oil market - Russian Deputy PM

He also expressed confidence that on Thursday the countries participating in the deal to reduce oil production will be able to make an informed decision on the parameters of the OPEC+ deal

MOSCOW, December 3. /TASS/. Certainty with the results of the US presidential election and the creation of vaccines against coronavirus have a positive impact on the oil market. Nevertheless, there are still uncertainties: restrictive measures due to COVID-19 and a decrease in oil demand in winter, Russian Deputy Prime Minister Alexander Novak said in his welcoming speech at the OPEC+ ministerial meeting.

"Today we have to discuss the results of the implementation of the agreement for the month of November, and assess forecasts for the development of the market, taking into account the emerging positive factors that have a positive effect on the current situation. I mean the certainty with the elections in the United States, stimulating measures in many countries against the spread of coronavirus, the emergence of new vaccines against the disease - all this has a positive effect on the market," he said.

"At the same time, there are uncertainties that we see. These are restrictive measures in many countries within the second wave (of COVID-19 - TASS) and the winter, lower demand (for oil)," he added.

Novak also expressed confidence that on Thursday the countries participating in the deal to reduce oil production will be able to make an informed decision on the parameters of the OPEC+ deal. "We all understand that the whole world is watching us today. This responsibility is already painfully familiar to us, and I am more than sure that we will make a well-grounded, balanced decision regarding the parameters of our cooperation," he said.