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Oil

Global oil demand has recovered close to pre-pandemic levels: Russia’s Novak

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Global oil demand has almost recovered to pre-pandemic levels, Russian Deputy Prime Minister Alexander Novak told state TV channel Rossiya-24 after OPEC+ members agreed to slightly increase its production target next month.

He added that uncertainties remained in logistic chains and possible further spread of the COVID-19 pandemic and said that Russia and Saudi Arabia, two leading players in the oil output coordination deal, plan to hold an inter-governmental meeting in October.

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On Saturday, Reuters reported that an OPEC+ document showed the group was set to raise output by 100,000 bpd from September.

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