Global Oil Market Reaches Equilibrium

In a recent statement, Russian Deputy Prime Minister Alexander Novak highlighted that the global oil market has achieved a state of balance. This equilibrium comes after OPEC+ members agreed to voluntary output cuts totaling 2.2 million barrels per day. Novak reassured that the anticipated output increase in April is unlikely to disrupt the market's stability, emphasizing that the organization will continue to closely monitor supply and demand dynamics.

Russia's Oil Processing and Output Forecast

Looking ahead, Novak projected a rise in Russia's oil processing capabilities for 2025, surpassing last year's figures. He estimated the country's oil output for the current year to be between 515 million and 520 million tonnes. Novak also confirmed that Russian refineries are operating without any issues and that the domestic market is adequately supplied with oil products, ensuring a stable internal supply chain.