Russian Deputy Prime Minister Alexander Novak has indicated alignment with OPEC's projection of global oil demand growth, which is widely expected to be around 2 million barrels per day (bpd) in 2024. He stated that the current oil prices are adequate and expects the discount on Russian oil to decrease as the market stabilizes and the supply chain improves, following the sanctions package introduced at the end of the previous year. OPEC+ has reiterated its readiness to take additional measures to address market conditions, with the Joint Ministerial Monitoring Committee (JMMC) agreeing to continue monitoring the market and take further market actions if necessary. Novak highlighted that additional decisions on production levels could be taken at any time, emphasizing the stability of the current oil market situation and the impact of the Middle East and Red Sea situations on oil markets and the lack of oil tankers.
Additional decisions on production levels as part of #OPEC+ could be taken at any time either way if necessary - #Russia deputy PM Novak #OOTT
🔴 RUSSIA’S DEPUTY PM NOVAK: THE MIDDLE EAST SITUATION, RED SEA SITUATION ARE HAVING AN IMPACT ON OIL MARKETS AND LACK OF OIL TANKERS.
#OPEC+ JMMC agreed to continue monitoring markets, current oil market situation stable, JMMC agreed to take further market actions if needed - #Russia deputy PM Novak #oott
🔴 RUSSIA’S DEPUTY PM NOVAK: ANY ADDITIONAL DECISIONS COULD BE TAKEN AT ANY MOMENT.
🔴 RUSSIA’S DEPUTY PM NOVAK: JMMC AGREED TO TAKE FURTHER MARKET ACTIONS IF NEEDED.
🔴 RUSSIA’S DEPUTY PM NOVAK: SITUATION ON THE OIL MARKET IS STABLE, WE ARE MONITORING IT.
🔴 RUSSIA’S DEPUTY PM NOVAK: JMMC AGREED TO CONTINUE MONITORING MARKET AND COMMITMENTS.
#Opec+: The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries, the Committee noted the willingness of the DoC countries to address market developments and their readiness to… https://t.co/iqaHv7f35H
đź”´ OPEC+ PANEL REITERATES READINESS TO TAKE ADDITIONAL MEASURES.
“The current spike is associated with the sanctions package that came out at the end of last year,” #Russia's Novak said. “I’m confident that as soon as the supply chain improves and the market calms down, the discount will narrow.” #oil https://t.co/sklqGM2JXy
#Russia expects discount on Russian oil to go down — Novak #oott https://t.co/WdQxWnZvS4
Novak agreeing with the Opec demand numbers....RUSSIA’S DEPUTY PM NOVAK: OIL GLOBAL DEMAND GROWTH WIDELY SEEN AT AROUND 2 MLN BPD IN 2024 #OOTT #Russia
#Russia: Consensus forecast promises growth of 2mbpd in oil demand in 2024, price on market is adequate - deputy PM Novak #oott