Novak says oil prices to rise as market shocks absorbed

Oil prices are currently too low for most producers and are expected to rise as the market absorbs recent shocks, Russian Deputy Prime Minister Alexander Novak said, according to comments carried by RIA and reported by Reuters.

Speaking about potential changes to OPEC+ production policy, Novak said the world needs more supply and that the alliance is ready to remain flexible.

His remarks come amid supply concerns triggered by the conflict in the Middle East, particularly as Israel continues to escalate its strikes targeting nuclear sites in Iran.