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The global oil demand har recovered to 90% of the pre-crisis level, Russian energy minister Alexander Novak noted on Wednesday and said that they will propose that OPEC+ reacts to that development.

Additional takeaways

“Global oil demand to fully recover in the first or the second half of 2021, seeing risks of second coronavirus pandemic wave.”

“Russian oil output will decline from August to December by around 13.8% from earlier planned levels.”

“We will closely watch the oil market situation, will balance oil output as economy recovers.”

Market reaction

Crude oil prices showed no reaction to these comments. As of writing, the barrel of West Texas Intermediate (WTI) was virtually unchanged on the day at $43.

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