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Russian Cabinet sees positive signals for oil market

Deputy Prime Minister Alexander Novak mentioned that the economic recovery track might approach

MOSCOW, June 1. /TASS/. Russia notes the recovery and normalization of the global economy because of large-scale vaccination of the population worldwide, and this creates good signals for the oil market, Deputy Prime Minister Alexander Novak says on Tuesday at the OPEC+ ministerial meeting. 

"We can speak about gradually approaching the economic recovery tracks. As of May-end, 1.5 bln coronavirus vaccinations were made globally. China, the US, and India become leaders in terms of vaccinated citizens," Novak says.

"The share of individuals vaccinated at least once is over 48% in the United States, 55% in the United Kingdom, and figures are high in other countries as well. This mitigates risks of a new disease outbreak and creates preconditions for growing mobility of the population," the official adds.

OPEC+ deal opens doors for bilateral cooperation 

Novak also mentioned tha " the OPEC+ deal has already exerted significant influence on the global market recovery and prospects of bilateral cooperation are now unveiled for participants in it".

"There can be no doubt that our cooperation benefits the market state. This does not pertain to provision of market stability alone. New doors are opened for us for bilateral cooperation, technology interaction and joint projects implementation on the territory of participating states and third countries," the official says.

OPEC+ ministers ended talks on oil market actions earlier today and agreed that the plan of oil production recovery by 2.1 mln barrels daily during May - July will remain in force, according to the final draft resolution posted by OPEC.