Global Oil Markets Are Now Balanced, Russia’s Novak Says
- Deputy premier sees crude prices at $45-$60 a barrel this year
- Those levels ‘correspond’ to current market situation, he says
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Global oil markets have rebalanced following last year’s historic collapse in demand, according to Russia’s deputy prime minister.
“The last few months we have seen low volatility, which means the market is balanced, and the prices we see today certainly correspond to the situation in the market,” Alexander Novak said on state television channel Rossiya 1 on Sunday. Crude will probably average $45 to $60 a barrel this year, according to Novak, who was Russian energy minister before President Vladimir Putin promoted him in November.