Russia’s Novak: Will Propose OPEC+ React to Recovery in Global Oil Demand

Russian Energy Minister Alexander Novak said that global oil demand has recovered by a large rate, up to 90% from pre-pandemic levels, adding that Moscow will propose to the OPEC+ group to take a response to this trend within the framework of the global agreement to reduce oil production.

Novak said he expected a full recovery in oil demand sometime next year.

“Global oil demand to fully recover in the first or the second half of 2021, seeing risks of second coronavirus pandemic wave.”

“Russian oil output will decline from August to December by around 13.8% from earlier planned levels.”

“We will closely watch the oil market situation, will balance oil output as economy recovers.”