Novak says global oil market ‘fragile’ but ‘balanced’

Alexander Novak, Russian Deputy Prime Minister

Russian Deputy Prime Minister Alexander Novak said today, Oct. 12, that the global oil market is “in such a rather sensitive and fragile, but balanced state,” owing to the cooperation within OPEC+ that "ensures the stability of the oil market and investments.”

During an energy conference in Moscow, Novak added that the global economy is growing at a slower-than-expected pace, which influences the demand for oil.

He also expects global oil demand to rise by 2.4 million barrels per day this year, noting that current oil prices reflect the looming risks and burgeoning conflict in the Middle East.