Russian Energy Minister says oil demand has recovered by 90% from pre-pandemic levels
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Russian Energy Minister Alexander Novak on Wednesday said that Moscow would propose to OPEC+ group to react to the recovery in global oil demand, as part of their agreement to cut production in order to support prices, Reuters reported.
Global oil demand has recovered by as much as 90% of pre-pandemic levels, Novak was quoted as saying. He added that full demand recovery is expected next year.
“We will monitor the situation and balance oil output as the (global) economy is recovering... We hope for speedy demand recovery and will propose to react to it under OPEC+ deal,” Novak said.