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Russia considers current level of oil prices adequate — Deputy PM

As for the IEA’s forecast about the possibility of a supply surplus in 2023, Alexander Novak noted that OPEC+ will comment on this issue after studying the analysis of the organization’s technical committee

MOSCOW, November 22. /TASS/. Russia considers the current level of oil prices to be an objective reflection of the situation, the oil market is balanced, Deputy Prime Minister Alexander Novak told reporters.

"In my opinion, prices objectively reflect the current situation. [Oil prices are] at a fairly good level, the market is balanced. We will discuss all these issues at the [OPEC+] meeting," he said.

As for the IEA’s forecast about the possibility of a supply surplus in 2023, Novak noted that OPEC+ will comment on this issue after studying the analysis of the organization’s technical committee.

Earlier, the head of the IEA's oil market division, Toril Bosoni, told Reuters that there could be a surplus on the oil market in 2024, even if OPEC+ countries extend production cuts into next year. However, she noted that the market is now in a state of shortage, and world reserves are declining at a high rate.

A meeting of the OPEC+ monitoring committee and a ministerial meeting of the alliance are scheduled for November 26. As two sources in the delegations told TASS, the meetings will be held in person in Vienna.

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Alexander Novak

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