Novak: Oil Market Is Balanced and Stable

Russian Energy Minister Alexander Novak said on Wednesday that the global oil market is now balanced and stable following a sudden decline in demand due to the coronavirus pandemic.
Speaking after a meeting of the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC), which had recommended an easing of curbs on oil output from August, Novak also said a partial restoration of production would benefit the market.

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