Novak: OPEC+ Deal Removed Oil Excess

Organization of Petroleum Exporting Countries and their allies, a group known as OPEC+, have fulfilled a goal of removing excess oil from the global market and it is now important to keep the market balanced, Russia’s top negotiator, Alexander Novak, said.

“Joint actions allowed to take away (oil) excess accumulated when demand was down — think we have fulfilled this task. Now it is important to maintain this balance and synchronize production and demand as the market rebounds,” Novak, also a deputy prime minister, said.

Global oil demand is seen growing by 5.8-6 million barrels per day this year, Novak also told reporters on Wednesday, adding he saw the global oil market fully restored next year.