Russia’s Novak expects full oil market recovery by 2022-end

14/10/2021 Argaam

Russian Deputy Prime Minister Alexander Novak

The global oil market is likely to recover fully by the end of 2022, Reuters reported, citing Russian Deputy Prime Minister Alexander Novak.

 

Speaking at the Russian Energy Week forum, he said the total demand growth is expected to reach six million barrels per day in 2021, but demand may reduce during winter.

 

“As for the oil market, it is recovering consistently; it is the most balanced market,” Novak said.

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