Russia's Novak: Global oil market quite stable
Russia's Deputy Prime Minister Alexander Novak said on Wednesday that the global oil market is "quite stable" and that prices are "acceptable" and "formed based on supply and demand" thanks to the OPEC+ alliance's decisions.
In an interview with Russia 24, Novak said that oil demand will likely rise as the COVID-19 situation in China improves.
He pointed out that domestic oil production and exports from Russia are also stable despite western sanctions.