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Oil price to rise by yearend, Russia expects global demand to grow, says Deputy PM Novak

Alexander Novak noted that there were certain risks related to lockdowns in the People’s Republic of China

© Yegor Aleyev/TASS

ST. PETERSBURG, June 16. /TASS/. Russia does not rule out an even stronger growth of the oil price by the end of the year, though everything will depend on the demand and supply balance, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF), adding that Russia still hopes global demand will rise despite the persisting uncertainty over possible COVID-19-related lockdowns in China.

"There are various forecasts, particularly suggesting a further increase in the oil (price). Everything depends on the demand and supply balance," he said.

"I hope the demand will continue recovering during the year as planned, though there are certain risks related to lockdowns in the People’s Republic of China, which is why it remains to be seen how the global economy and consumption develop," Novak added.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is taking place on June 15-18. This year’s forum is dubbed: ‘New Opportunities in a New World’. The SME Forum, the Creative Business Forum, the Drug Security Forum, the SPIEF Junior Dialogue and SPIEF Sport Week are also planned as part of SPIEF. TASS serves as the event’s official photo hosting agency and the information partner.

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