Oil Prices Set to Surge as Market Adjusts, Says Russian Deputy PM

Russian Deputy Prime Minister Alexander Novak stated that current oil prices do not favor most producers and predicted a rise as market challenges are addressed. He mentioned OPEC+'s readiness to adapt its output policy to meet increasing global supply demands.

Russian Deputy Prime Minister Alexander Novak expressed concerns over current oil prices, indicating that they are disadvantageous for most producers. He forecasted a price rise as market disruptions are ironed out, according to RIA, the state news agency of Russia.

Addressing potential changes in OPEC+ output policy, Novak underscored the need for increased global oil supply. He reassured that OPEC+ is willing to remain adaptable to meet these requirements.

The statement reflects OPEC+'s ongoing strategy to balance oil markets amid fluctuating global demands, as reported by Felix Light and edited by Barbara Lewis.