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Global Oil Demand To Grow by 2.4m b/d in 2023: Novak

OIL

Global oil demand is set to grow by 2.4m b/d in 2023, as stronger demand balances the market, according to Russian Deputy Prime Minister Alexander Novak.

  • “Today the market is stable in our view,” Novak said. “The prices are at an acceptable level. Thanks to the measures taken by OPEC+, including Russia, the balance of supply and demand is being maintained.”
  • He added that Russian output remains at 9.5m b/d, following the OPEC+ JMMC meeting Aug. 4.
  • Novak said that Russia is fully committed to the agreements reached by OPEC+ and will comply fully with its obligations.

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