Novak called the situation on the global oil market stable

The situation in the global oil market is stable, including due to the actions of OPEC+. This was stated by Russian Deputy Prime Minister Alexander Novak on December 5.

"Today the situation is stable, including due to the actions of OPEC+ countries. We observe the balance of supply and demand," he told in an interview with the TV channel "Russia 24", answering a question regarding the assessment of OPEC+ participants of the situation in the global oil market.

In addition, he added that oil prices at the moment adequately reflect the situation on the market.

Earlier, on November 3, OPEC+ countries decided to extend the reduction in oil production until the end of December. It is specified that the states agreed to extend the adjustments by 2.2 million barrels per day.

Before that, on October 2, OPEC+ held a ministerial monitoring committee. The countries - participants of the association at the end of the meeting confirmed the commitment to the current parameters of the deal to reduce oil production. This decision will contribute to the stabilization of the market and fix quotations at a level above $75 per barrel.

On May 22, the Russian Ministry of Energy reported that oil production in April was slightly higher than the established OPEC+ plan and in the future the country is ready to compensate for this shortfall. The ministry said that in the first quarter of 2024, Russia consistently exceeded the terms of the deal in the organization, producing oil in quantities that were less than the established quotas.