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OIL: Increased Stability for Oil Market from OPEC+ Decision: Novak

OIL

The global oil market has a higher level of predictability and stability after the latest OPEC+ decision, according to Russian Deputy Prime Minister Alexander Novak.

  • The OPEC+ decisions “are absolutely right” but the group has the instruments to react promptly to any market changes.
  • OPEC+ hasn’t changed its policy to pursue a greater oil market share and still prioritizes stability, said Saudi Energy Minister Prince Abdulaziz bin Salman at the same event.
  • Russia continued cutting oil output in May and is set to pump close to 515m tons of oil in 2024, Novak added.
  • Current oil demand of 102mbpd could increase to 110-115mbpd bpd by 2030.
  •  "The petrochemical industry is developing and shipments are increasing. Yes, energy efficiency is increasing too, but nevertheless, demand for oil is growing," Novak said.
  • The balance in the oil market has not changed due to sanctions, he said. Russian has increased the share of oil exports to friendly countries to 95% in Jan-Apr 2024, with about 70% of payments in national currencies.
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