Russian Deputy Prime Minister Alexander Novak said on Tuesday that the global oil market is now balanced, following voluntary output cuts by 2.2 million barrels per day agreed upon by OPEC+. He added that the planned output increase in April will not destabilize the market and that the organization will monitor supply and demand.
Novak said Russia will boost oil processing in 2025 compared to last year and estimated the oil output for this year at 515 million to 520 million tonnes. He stressed that Russian refineries are operating normally and that the Russian domestic market is well supplied with oil products.
