Moscow and Riyadh will continue to balance oil market, says Russian Novak

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic

MOSCOW, Dec 19 (Reuters) – Russia and Saudi Arabia plan to continue working on balancing the global oil market, Russian Deputy Prime Minister Alexander Novak said on Saturday.

Speaking after talks with Saudi Energy Minister Prince Abdulaziz bin Salman, Novak stated that both countries were committed to the OPEC + agreement to reduce global oil production.

Novak added that global demand for crude was still 6-7 million barrels per day (bpd) below pre-crisis levels.

Global oil demand was typically around 100 million bpd before the pandemic.

(Reporting by Vladimir Soldatkin, Written by Gabrielle Tétrault-Farber, Edited in Spanish by Manuel Farías)

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