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Russia’s Novak says global oil output cuts easing is justifiable

Russian Energy Minister Alexander Novak said on Wednesday that the expected easing of oil output cuts by the OPEC+ group from August to 7.7 million barrels per day is justifiable and in line with the market trends.

Speaking at the opening of the Joint Ministerial Monitoring Committee of OPEC+, Novak also said the global oil demand has been on the rise after it had reached its lowest point in April due to the fallout from the coronavirus pandemic.
Source: Reuters (Reporting by Vladimir Soldatkin and Olesya Astakhova, editing by Louise Heavens)

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