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Russian Fuel Market Stable: Novak

OIL

Russia’s fuel market is stable and domestic demand for gasoline and diesel is fully met, Russia’s Deputy PM Alexander Novak said.

  • Russian fuel inventories are sufficient and above levels seen in previous years, he said.
  • Novak said that Russian refineries are able to raise crude throughput and oil companies have been task to boost fuel output.
  • In regards to the global oil market Novak said: "the market is now balanced, and this is confirmed by the monitoring carried out within the framework of the JMMC, which took place today. The price growth, which we have seen over the past few days, is indeed related to the market's response to the situation in the Middle East. As for the balance of supply and demand, the situation here is stable.”
  • He added that Russia meets is obligations within the OPEC+ agreement.
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