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Oil market stable now — Novak

The OPEC+ Joint Ministerial Monitoring Committee will reportedly continue keeping an eye on the oil market because its status depends in many aspects on uncertainties and the recovery of economies

MOSCOW, August 4. /TASS/. The situation on the oil market is now stable and oil prices are at an acceptable level, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"From our standpoint, the market is sufficiently stable. Prices are at an acceptable level. Owing to OPEC+ action, including Russia, the balance of supply and demand is provided," Novak said.

The OPEC+ Joint Ministerial Monitoring Committee will continue keeping an eye on the oil market because its status depends in many aspects on uncertainties and the recovery of economies, the official said. "High interest rates in many countries, high inflation levels - all of them should be traced attentively, as regards the effect on consumption and investment appeal of the oil industry," Novak added.

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Alexander Novak OPEC

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