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While speaking at the 15th OPEC and non-OPEC Ministerial Meeting, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman reiterated that the recovery in the oil market is far from complete, as reported by Reuters.

“We should maintain the cautious stance,” the minister added that they will continue with the flexible approach that serves them best.

Reflecting the same sentiment, Russian Deputy Prime Minister Alexander Novak said there are lots of uncertainties surrounding the oil market, especially in Europe.  

“It is important not to overheat the market or allow deficit,” Novak noted and added that they expect global oil demand to be at around 5-5.5 million barrels per day this year.

Market reaction

With the initial market reaction, crude oil prices rebounded slightly from daily lows. As of writing, the barrel of West Texas Intermediate was up 0.35% on the day at $59.60.