News wire — Global oil demand is set to grow by 2.4 million barrels per day this year, and strong demand makes the market balanced, Russian Deputy Prime Minister Alexander Novak said on Friday.
Russian oil output remains steady at about 9.5 million barrels per day, he said after a meeting of the joint monitoring committee of OPEC and non-OPEC producers.
“Russia is fully committed to the agreements that had been reached, and generally, within OPEC+ we are in full compliance with our obligations,” Novak told Russian state television.
Saudi Arabia and Russia made additional pledges outside the OPEC+ agreement this week to support crude prices.
“Today the market is stable in our view,” Novak said. “The prices are at an acceptable level. Thanks to the measures taken by OPEC+, including Russia, the balance of supply and demand is being maintained.” (Reporting by Reuters; Editing by Kirsten Donovan) – Reuters
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