Russian Vice Prime Minister Novak evaluated the prospects for the return of oil demand during a press conference following the OPEC+ meeting.

“We are closely monitoring key market trends and are cautiously optimistic that the situation is improving,” Novak said. There are signs of economic recovery and oil demand in the future, he said. The minister expressed the hope that 2021 will be a key year in this regard.

Following the meeting of the OPEC+ countries on March 4, the countries agreed not to increase oil production by 500 thousand barrels per day in April. In turn, Saudi Arabia will maintain its additional one million barrels per day cut. Moreover, the countries of the alliance agreed on an increase in oil production in Russia in April by 130 thousand barrels per day.