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10/14, 9:42 AM (Source: TeleTrader)
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Russia's Novak: Oil market to recover by end of 2022

Russian Energy Minister Alexander Novak said on Thursday that the global oil market hasn't fully recovered yet, however noting that the demand will grow by 6 million barrels per day this year.

Novak shared expectations that the oil market would fully recover by the end of next year, with a drop in oil demand during the winter. Commenting about the energy crisis, Novak confirmed earlier today that European governments haven't requested from Russia to increase gas supplies. Moscow is currently hosting the Russian Energy Week, an international forum focused on the energy industry.

Oil prices made slight gains following Novak's remarks, with Brent for December deliveries rising 0.85% at 3:41 am ET to sell for $83.89 per barrel. West Texas Intermediate (WTI) for settlements in November increased by 0.78% to sell for $81.06 at the same time.

Breaking the News / ND