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Russia's Novak: Global oil deficit at 2M bpd

01 April 2021 19:58 (UTC +04:00)

Russia's Minister of Energy Alexander Novak announced on Thursday in his opening speech at the OPEC+ Joint Ministerial Monitoring Committee (JMMC) that the expected global oil demand in 2021 is at 5.5 million barrels per day, while the deficit is currently at 2 million barrels per day, APA reports citing Teletrader.

Overall the situation on the global oil market improved, according to Novak, but there are still many uncertainties, especially in Europe. Earlier, the Saudi Arabian Oil Minister Prince Abdulaziz bin Salman said that the cartel and its allies should maintain a "flexible" approach to its production policies.

After the opening remarks at the OPEC+ meeting, West Texas Intermediate (WTI) gained 1.58% to sell for $60.34 per barrel at 9:16 am ET, while Brent grew by 1.21% to $63.87 per barrel.