MOSCOW, December 5. /TASS/. The oil market is balanced and the current oil price reflects the situation, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 television after the OPEC+ ministerial meeting.
"The situation is now stable, particularly owing to activities of countries that are OPEC+ members. We observe the demand and supply balance. This was in the summer period and now, in the winter period. To this end the decision was made at the ministerial meeting, in order to keep this balance," Novak said. "Prices that are in the market, they also reflect the current status in the winter period, he noted.
Russia expects incremental growth of demand in the global oil market at a level of 1.4 mln barrels daily this year and 1 mln barrels daily in the next year, the official said. "Accordingly, we will look at evolution of the situation in markets and further decide on certain resolutions of our ministerial meeting," Novak added.