9/17, 6:24 PM (Source: TeleTrader)
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Novak: All countries committed to OPEC+ deal

Russia's Energy Minister Alexander Novak revealed on Thursday that ministers of all member states of the OPEC+ alliance have confirmed their commitment to the OPEC+ deal.

Speaking following the meeting of the OPEC's Joint Ministerial Monitoring Committee (JMMC), Novak said that commercial inventory levels in August dropped by 45 million barrels of crude oil, adding that current global oil consumption is currently estimated at 93 million barrels a day.

Novak asserted that the current oil prices reflect the situation on the market, adding that the supply is between 1.5 and 2 million barrels per day lower than demand. The minister concluded by saying that oil demand should fully recover by the second quarter of the next year.

Breaking the News / ND