Russia’s Novak: Oil market is very sensitive but balanced
|Russian Deputy Prime Minister Alexander Novak said on Thursday, “the oil market is very sensitive but balanced.”
Additional quotes
The global market is balanced but the balance is fragile.
The global economy is growing slower than expected.
That influences the demand for oil.
The OPEC+ mechanism is efficient.
The market situation requires closer opec+ cooperation.
OPEC+ cooperation ensures the stability of the oil market and investments.
It's not our goal to set oil prices, we aim to balance the market.
On oil prices by years end, the market sets prices itself.
Global oil demand will increase by by 2.4 mln bpd this year.
The current oil prices reflect risks and the conflict in Middle East.
Market reaction
WTI is battling the $82 mark, holding the latest uptick following the above comments. The US oil is trading flat on the day.
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