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World oil prices

Current oil price objectively reflects market situation — Novak

The official also commented on the possibility of oil production increase by OPEC+ countries

MOSCOW, May 7. /TASS/. Russia is considering the current oil price as an absolutely normal one and appropriately reflecting the market situation, acting deputy prime minister Alexander Novak told reporters.

"The market responds to availability of inventories, to the demand, to growth rates of economies in the world. That’s why the price is absolutely normal, appropriately reflecting the current situation," Novak said.

The official also commented on the possibility of oil production increase by OPEC+ countries. "So far we have effective levels agreed by us earlier; we follow them," he noted.

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Alexander Novak Oil price OPEC

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