Novak called the situation on the global oil market stable

The situation on the global oil market is stable. This was reported by Russian Deputy Prime Minister Alexander Novak on February 3 following the meeting of the Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC+).

"The situation on the market is stable. We see that demand is growing, and at the end of last year it increased by about 1.5 million barrels"- said the Deputy Prime Minister in an interview with the TV channel "Russia-24".

Novak added that the OPEC+ meeting partially discussed the issue of increasing US oil production. He pointed out the importance of maintaining a balance of interests due to the complexity of the market.

In addition, the deputy prime minister shared that the committee retains the decision to start restoring oil production from April 2025, but "will look at the situation."

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The new US president has lifted restrictions on the country's oil production

US President Donald Trump said on January 23 that he intends to ask OPEC and Saudi Arabia to lower oil prices, including to pressure Russia over Ukraine. According to him, if OPEC fulfills his request, the Ukrainian conflict will supposedly be over.

Later, on January 31, Iqbal Guliyev, deputy director of the International Institute of Energy Policy and Diplomacy of the Moscow State Institute of International Relations, told Izvestia that in 2025 Russia will continue to export its oil to foreign countries that are interested in it. He specified that at the same time it is unlikely to expect an increase in sales volumes.