Novak called the world oil market stable
The oil market is balanced and stable enough in June, the decline in demand due to coronavirus was 10 million barrels per day to 25 million barrels per day in April, said the head of the energy Ministry of Russia Alexander Novak.
"We see that the market and demand is restored. If in April the decrease in demand was approximately 25 million barrels per day in the whole world, today this recovery has occurred to a greater extent, and in the month of June we observed a decrease in demand by about 10 million barrels," - said Novak at the press conference following the meeting of the Committee of Ministers on monitoring of OPEC .
"In August we expect that the reduction in (demand for oil - ed.) in a volume of less than 10% (year - ed.)", - he stressed in an interview with TV channel "Russia 24".
The Minister, during the press conference noted that OPEC three months ago made the right decision, which is now evidenced by the current situation in the oil market.
"The market at the present time, given the reduction of production by OPEC and others, not included in our coordination, balance and is in a stable condition," added Novak.