After in recent months crude oil prices have clearly recovered from their COVID-19 slump on steadily increasing demand, Russian Deputy Prime Minister Alexander Novak addressed the much-anticipated decision-making at the upcoming OPEC+ conference set for August and the expectation that it will decide to raise output significantly beyond the current pandemic-induced strategy of gradually releasing more barrels into a strengthening oil market.
Novak said in his Thursday remarks at the St Petersburg International Economic Forumthat while it remains “premature” to talk about output decisions for August, he affirmed “The current oil price is good enough for Russia,” adding: “Oil prices reflect the balance of supply and demand,” and noted it’s expected the seasonal oil demand will increase in the third quarter of the year.
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