Global oil demand is recovering, as evidenced by the OPEC Secretariat and industry experts, Russian Deputy Prime Minister Alexander Novak said on the sidelines of the Eastern Economic Forum (EEF).
"According to estimates by experts and the OPEC Secretariat we have reviewed, oil demand is recovering, we can see it," Novak said.
He noted that OPEC+ does not plan to discuss new voluntary oil production cuts now as the global oil market is in deficit.
"I don’t think we are talking about cuts in the current market situation. We see that the market is already facing a supply deficit. In recent months, we made decisions to actually increase production volumes and quotas that had been reduced under voluntary restrictions, so now, conversely, we have eased those quotas," Novak said.
Seven OPEC+ nations will discuss the situation on the global oil market and execution of the agreement at a meeting on September 6, Novak added.
Global oil demand is projected to rise by 0.6 mln barrels per day (bpd) in 2026 to 105.74 mln barrels per day (mbd), OPEC said in its August report.
