Russia’s Novak: Oil market is very sensitive but balanced

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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