Russia's Novak: volatility on oil market unlikely

Russia's Novak: volatility on oil market unlikely

The current prices and the demand/supply balance reflect the situation on the oil market, Russian Deputy Prime Minister Alexander Novak said at the Russian Energy Week on Thursday, adding that volatility on the oil market is unlikely.

"I don’t see any problems, volatility on the market is not projected, I think," he said.

Novak expects the oil market to fully recover by the end of 2022, with demand recovering by 6 mln barrels per day.

"We see that in 2021 the total demand growth will equal 6 mln barrels per day from the 10 mln that we lost. We will probably see the market fully recover by the end of next year," he noted.

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