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OPEC+ decision on stronger oil recovery linked to growing oil demand

This decision will make it possible to rebalance markets, Russian Deputy Prime Minister Alexander Novak specified

MOSCOW, June 2. /TASS/. The decision of the European Union on the partial embargo for Russian oil is deferred and the market should manage to reshape during that time, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV Channel.

"We see the demand is growing in summer, capacity utilization of refineries is increasing, consumption of petroleum products owing to more active traveling by motor transport and air traffic are higher relatively to figures observed before the crisis. Therefore, the [OPEC+] decision will make it possible to rebalance markets and ensure the supply and demand balance," Novak said.

OPEC+ countries made the decision on June 2 on the uniform redistribution of the September oil production increase quota of 432,000 barrels daily to July and August. Oil production by OPEC+ member-states will therefore grow by 648,000 barrels daily in each of July and August.