Global Oil Demand On Path To Recovery Amid OPEC+ Deal - Russian Energy Minister

Global Oil Demand on Path to Recovery Amid OPEC+ Deal - Russian Energy Minister

The global demand for oil is on the path to recovery thanks to the OPEC+ deal and lifting of coronavirus-related restrictions around the world, Russian Energy Minister Alexander Novak said on Saturday

MOSCOW (UrduPoint News / Sputnik - 06th June, 2020) The global demand for oil is on the path to recovery thanks to the OPEC+ deal and lifting of coronavirus-related restrictions around the world, Russian Energy Minister Alexander Novak said on Saturday.

"The gradual lifting of quarantine measures and partial recovery of the global economy have led to demand for crude oil starting to recover.

We are also seeing a positive effect of joint actions of production limitations," Novak said, adding that the oil market was still fragile and required assistance.

According to the Russian energy minister, the OPEC+ deal that was agreed in April helped to avoid the serious consequences of the largest decline in oil demand in history. Novak also called all parties to OPEC+ deal to fully adhere to the obligations under the agreement.