Novak Hopes Global Oil Demand Will Fully Recover In 2021

Muhammad Irfan Published December 04, 2020 | 01:30 AM

MOSCOW (UrduPoint News / Sputnik - 04th December, 2020) Russian Deputy Prime Minister Alexander Novak expressed hope that global oil demand will fully recover in 2021.

"You asked when the market will recover. Now it is difficult to say. It does not depend on the oil industry. The oil industry will return to the previous levels very quickly.

The question is in the recovery of demand, in the recovery of the global economy, the consequences of the pandemic, how long will anti-crisis measures be in effect. We hope that it will be next year," Novak said at a press conference following the OPEC+ meeting.

He also confirmed that OPEC+ had decided to extend mechanism for compensation of shortcomings in slashing oil output by March 2021.