Global Oil Market Set for Balance in H2, Says Russian Deputy PM

Russian Deputy Prime Minister Alexander Novak stated that the global oil market is expected to balance in the second half of the year due to the OPEC+ deal on supply. The U.S. Energy Information Administration also projects that world oil demand will exceed output by 750,000 barrels per day in the second half of 2024, deepening the supply deficit.

Russian Deputy Prime Minister Alexander Novak announced on Monday that the global oil market is anticipated to achieve balance in the second half of the year and beyond, primarily due to the OPEC+ agreement on production supply.

Last week, the U.S. Energy Information Administration (EIA) reported that global oil demand is projected to surpass output by approximately 750,000 barrels per day in the latter half of 2024. This projection is a result of decreased OPEC+ production, which is expected to exacerbate the current supply deficit throughout the remainder of the year.

These trends underscore the critical role of the OPEC+ deal in stabilizing the oil market amid fluctuating demand and supply dynamics.

(With inputs from agencies.)