Russia hopes for oil market recovery in 2021

Russia hopes that the oil market will recover as early as in 2021 after the worldwide vaccination, Russian Deputy Prime Minister Alexander Novak said at the OPEC+ ministerial meeting on Monday, TASS reports. 

"We hope that in 2021 we will be able to see the recovery in demand, including as a result of the vaccination which is already underway in numerous countries," he said.

Novak has pointed out that he hopes for the use under the OPEC+ deal of the mechanisms that have already proven themselves, including the production recovery.

"We hope that we alongside you (the partners at the OPEC+ group - TASS) will be gradually using various mechanisms and instruments that have already proven themselves to make the right decisions aimed at the market stabilization and production recovery, with regard to the balance of supply and demand, which will be forming," he said.


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