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OPEC+ expects oil demand to rise in spring and summer — Novak

According to the deputy prime minister, the oil market is currently stable, with a balance of supply and demand

MOSCOW, February 3. /TASS/. OPEC+ expects oil demand to rise in spring and summer, which will ensure balance on the global market, Russian Deputy Prime Minister Alexander Novak told reporters.

"As shipping and travel intensify, demand will gradually increase starting in March and April. This will be an additional factor to ensure balance," he noted.

According to Novak, the oil market is currently stable, with a balance of supply and demand.

"We are currently observing a balance of supply and demand, and prices are stable. We expect demand to grow, as we discussed at the last meeting (of the OPEC+ Monitoring Committee). This is traditional spring and summer demand," he noted.