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12/2/2021, 4:43 PM (Source: TeleTrader)
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Oil market balanced, demand recovering - Novak

Russian Deputy Prime Minister Alexander Novak (pictured) said on Thursday that the global oil market is "balanced" and that the "demand is gradually recovering."

Speaking to Russia-24, he also stated that the decision by the Organization of the Petroleum Exporting Countries and its Russia-led partners to raise production by 400,000 barrels per day in January 2022 and maintain the alliance's course of action on the matter had been influenced by the two aforementioned factors.

Under the deal, Russia and Saudi Arabia will each increase oil output by slightly over 100,000 bpd during January.

Baha Breaking the News (BBN) / MS