Global Oil Market Now Balanced, Situation Constantly Changing

MOSCOW (Sputnik) - The global oil market is currently balanced, but the situation is constantly changing, Russian Deputy Prime Minister Alexander Novak stated on Wednesday.

"Now the [global oil] market is balanced. The situation is changing constantly, each month depending on demand, which differs in the fall-winter period. We’ll see [what happens]," Novak said on the sidelines of the Russian Energy Week.

In April, the OPEC+ Joint Ministerial Monitoring Committee announced that an additional voluntary reduction in the oil production in Russia, Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Gabon will amount to 1.66 million barrels per day by the end of 2023. In September, Russia said it would extend its voluntary production cut of 300,000 barrels per day until the end of 2024, while Saudi Arabia said it would make an extra 1 million barrels per day cut to its daily production from July, on top of a 500,000 barrels per day cut that was likewise extended through December 2023.

The Russian Energy Week is held in Moscow from October 11-13, bringing together high-ranking officials and representatives of leading energy companies from over 60 countries.