Novak: OPEC+ ensured balance of global oil market

The global oil market is now balanced due to the actions of OPEC+, but the alliance continues to have its finger on the pulse, Deputy Prime Minister of Russia Alexander Novak said in an interview with Rossiya 24 TV channel, Report informs.

“Today, in my opinion, the market is balanced due to the fact that OPEC+ decided on the decrease by 2 million barrels per day from November to the end of this year and for the whole of next year,” he said.

This OPEC+ decision was the right one, as it allowed the market to balance during the winter drop in demand, as well as the ongoing impact of the coronavirus, in particular in China, Novak noted.

“Today, there are many uncertainties associated with inflationary processes, raising the rates of the central banks of countries to regulate their own markets,” he concluded.