Novak: oil market almost recovers to pre-pandemic level

The oil market is now balanced, and has already recovered to its pre-pandemic level, Deputy Russian Prime Minister Alexander Novak told the Rossiya 24 TV channel.

He said Wednesday's OPEC + decision to increase the September oil production quota by 100,000 barrels per day would make it possible to meet growing demand.

Novak also said that market uncertainties persisted, despite the recovery. These include possible lockdowns, and the breakdown of logistics chains due to sanctions against Russian oil and petroleum products.