Russia's Novak says oil market is balanced and stable

Russian Energy Minister Alexander Novak said on Wednesday that the global oil market is now balanced and stable following a sudden decline in demand due to the coronavirus pandemic.

Speaking after a meeting of the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC), which had recommended an easing of curbs on oil output from August, Novak also said a partial restoration of production would benefit the market.

Reuters