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OPEC+ states balance on oil market, sees growing demand in summer – Russian deputy PM

We see the activation of business, entrepreneurship in many countries, an increase in the number of road transport, an increase in the number of air transport, said Alexander Novak

VIENNA, June 4. /TASS/. OPEC+ nations assess the current situation on the oil market as balanced and see growing demand for oil and oil products in the summer period, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"There are different views but all the OPEC+ nations agree that the situation is more or less balanced. There is balance between the demand and supply, including thanks to the OPEC+ decisions. Today, we observe a growth in demand in 2023, especially now, in the summer. We see increased business activities in many countries, a growth in motor shipments, air flights. Of course, these are positive factors boosting the demand," he said in the interview with the Rossiya-24 television channel.

According to Novak, OPEC+ nations continue to keep a close eye on the activities of central banks, the US FRS, key rates, the demand in China after the pandemic.

He noted that the OPEC+ member nations can adjust their decisions to balance the oil market if necessary. "Naturally, we have possibilities to adjust our decisions. If necessary, we will do so to ensure the market stability so that it is balanced and clear for investors, buyers, and exporters. For all market players," he said in an interview with the Rossiya-24 television channel.

According to Novak, the next OPEC+ offline ministerial meeting will be held in six months, in November. Apart from that, the ministerial monitoring committee will continue to meet every two months.

Earlier in the day, the OPEC+ countries agreed the level of oil production in 2024 at 40.46 million barrels a day. According to TASS calculations, OPEC+ countries will cut daily oil production by 1.393 barrels. The next OPEC+ ministerial meeting will be held in Vienna on November 26.

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