Novak assesses global oil market situation

Oil market is now balanced, and its prices fluctuate around $80 per barrel, reacting to the dynamics of related markets and exchanges, Russian Deputy Prime Minister Alexander Novak said.

"I think that the [oil] market is now balanced, taking into account earlier decisions, taking into account our production cuts, as well as cuts that we have seen in other countries. Plus, consumption will start to grow now, let's see how the situation develops," Novak told reporters.

When asked how much the current recovery in oil demand in China is slower than OPEC + experts believed, the official said that the recovery is underway, noting that it may be going slower than expected by the group.