Russia to propose OPEC+ react to oil demand recovery -Novak

Novak expects full oil demand recovery to come some time next year, he said

  
The Russian flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016.

The Russian flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016.

REUTERS/Leonhard Foeger

MOSCOW- Global oil demand has recovered by as much as 90% of pre-pandemic levels, Russian Energy Minister Alexander Novak said on Wednesday, adding that Moscow would propose OPEC+ group to react to the trend under the global oil production cut deal.

Novak expects full oil demand recovery to come some time next year, he said.

"We will monitor the situation and balance oil output as the(global) economy is recovering... We hope for speedy demand recovery and will propose to react to it under OPEC+ deal," Novak said.

(Reporting by Olesya Astakhova; writing by Katya Golubkova and Vladimir Soldatkin; editing by Jason Neely) ((ekaterina.golubkova@thomsonreuters.com; +7 495 775 1242;))


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