Novak: Oil Demand to Increase by 1 Million Barrels Next Year

Russia's Deputy Prime Minister Alexander Novak predicted that global oil demand will increase by 1 million barrels per day (bpd) by 2025. Novak stated that the current oil prices "adequately reflect" the situation in the oil markets and that he sees a balance between supply and demand. He also added that due to the cooperation with the Organization of the Petroleum Exporting Countries (OPEC) and its partners in OPEC+, the global oil market remains stable. Commenting on OPEC+'s decision to extend the 2.2 million barrel production cut until the end of March 2025, Novak said that this decision was made to "avoid destabilizing the market."