Russia's Novak says oil market is stable

Russia's Novak says oil market is stable

Russian Energy Minister Alexander Novak said that the global oil market is now balanced and stable following a sudden decline in demand due to the coronavirus pandemic.

Speaking after a meeting of the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC), which had recommended an easing of curbs on oil output from August, Novak also said a partial restoration of production would benefit the market, Reuters reported.

According to the minister, the global oil market is now well-balanced and relatively stable, a fall in demand for oil amounted to 10 million barrels per day in June as compared with 25 million barrels in April.

Novak said that Russia fulfilled the OPEC+ deal by 99% in June, and will continue to adhere to the agreement in the future.

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