OPEC+ prepares for revisions amid massive global oil supply crisis
Speaking at the St. Petersburg International Economic Forum on Thursday, Russian Deputy Prime Minister Alexander Novak revealed that he and Saudi Energy Minister Prince Abdulaziz bin Salman are grappling with heightened volatility and an incredibly clouded outlook for global oil demand.
"We came to the conclusion that no one really knows what to expect regarding demand at the moment," Novak stated following the high-profile meeting. "In other words, uncertainty has increased," News.Az reports, citing Reuters.
The comments come amid one of the most severe energy supply disruptions in history. Ongoing geopolitical conflicts in the Middle East—marked by severe damage to critical energy infrastructure across Iran and neighboring Gulf nations, alongside the effective closure of the crucial Strait of Hormuz shipping bottleneck—have thrown traditional energy forecasts into chaos.
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According to Novak, the rapidly evolving landscape means that market predictions established just a few years ago now require fundamental revisions. Despite the unprecedented volatility, Novak reassured the market that the OPEC+ alliance of oil-exporting nations remains fully prepared and capable of step-by-step adjustments to stabilize the global energy sector.
By Aysel Mammadzada
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