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Situation on global oil market stable, demand growing by 2.5 mln bpd — Russian deputy PM

Alexander Novak added that all participants in the OPEC+ agreement are fulfilling their commitments to reduce oil production

Russian Deputy Prime Minister Alexander Novak Vladimir Smirnov/TASS

Russian Deputy Prime Minister Alexander Novak

© Vladimir Smirnov/TASS

MOSCOW, November 30. /TASS/. The situation on the global oil market is stable, demand is growing by 2.5 million barrels per day this year, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

"I believe that the situation is quite stable. This year we see a significant increase in demand, about 2.5 million bpd during 2023, today this was confirmed as part of the assessment of the situation and forecasts for next year," he said.

Novak added that all participants in the OPEC+ agreement are fulfilling their commitments to reduce production.

According to the Deputy Prime Minister, the decisions by OPEC+ states to cut production by more than 2 million bpd are aimed at removing risks during a period of low demand in the first quarter.

Today we saw the assessments of the working group that is preparing reports and forecasts for next year. The decisions that were made <...> are aimed at removing risks during the period of low demand - the first quarter of next year," he said.

Novak noted that OPEC+ sees risks associated with monetary policy and decisions by central banks of a number of countries, which could slow down economic growth next year.

On Thursday, a number of OPEC+ countries decided to reduce oil production in the first quarter of 2024 by a total of 2.2 million bpd to maintain stability on the oil market.

As Novak said, Saudi Arabia will cut production by 1 million bpd, Russia will reduce it by 500,000, while the remaining parties to the agreement are to cut production by 700,000 bpd.

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Alexander Novak OPEC

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