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Russian Energy Minister Alexander Novak said on Monday that uncertainties on global oil markets still remain, as reported by Reuters.

Additional takeaways

“We aim to recover oil production as global oil market recovers.”

“Global oil demand is still below 6-7 million barrels per day (bpd) pre-crisis level.”

“Expecting 5-6 million bpd of oil in additional demand next year.”

“OPEC+ deal could be adjusted if the oil market recovers quicker than expected.”

Market reaction

Crude oil prices showed no immediate reaction to these remarks. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $48.65, gaining 0.75% on a daily basis.