Novak hopes oil market will fully rebound in 2022

Russian Vice Prime Minister Alexander Novak said he hopes for the complete recovery of the global oil market in 2022.

Report informs that, according to him, this year the demand is expected to grow by 5.8-6 million barrels daily.

"We expect the demand to increase by about 5.8-6 million barrels daily this year. I hope that the market recovery will fully complete in 2022," the Russian Vice PM said.

He noted that OPEC+ coped with excess stocks in the oil market, and now it is only necessary to maintain the balance and synchronize production and demand.

"Owing to the joint actions, we managed to remove excess volumes that were accumulated in the period of the decline in demand, and I think we have fulfilled this task. It is now important to maintain this balance and synchronize production and demand as the market recovers," he added.