Russia's Novak says global oil output cuts easing is justifiable

Russia's Novak says global oil output cuts easing is justifiable

Russian Energy Minister Alexander Novak said on Wednesday that the expected easing of oil output cuts by the OPEC+ group from August to 7.7 million barrels per day is justifiable and in line with the market trends, Reuters reports.

Speaking at the opening of the Joint Ministerial Monitoring Committee of OPEC+, Novak also said the global oil demand has been on the rise after it had reached its lowest point in April due to the fallout from the coronavirus pandemic.

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