Russia to propose OPEC+ react to oil demand recovery: Novak

A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia, March 11, 2019. (Reuters)

Global oil demand has recovered by as much as 90 percent of pre-pandemic levels, Russian Energy Minister Alexander Novak said on Wednesday, adding that Moscow would propose OPEC+ group to react to the trend under the global oil production cut deal.

Novak expects full oil demand recovery to come some time next year, he said.

“We will monitor the situation and balance oil output as the(global) economy is recovering... We hope for speedy demand recovery and will propose to react to it under OPEC+ deal,” Novak said.

Last Update: Wednesday, 02 September 2020 KSA 14:58 - GMT 11:58