Novak said about the sensitivity of the oil market to changes in supply and demand

The global oil market remains sensitive to changes in supply and demand. This was announced on November 30 by Deputy Prime Minister Alexander Novak.

"Today, the [oil] market remains sensitive to changes in supply and demand," he said on the Rossiya 24 TV channel.

He also noted that the stability of the oil market directly depends on the decisions of key industry participants. According to Novak, OPEC+ countries are ready to take additional measures, if necessary, which allows the association to maintain stability in the global oil market.

Without oil and gas: what will happen to budget revenues

Revenues to the treasury from the sale of hydrocarbons will remain low in the coming years

Russian President Vladimir Putin said on October 23 that Russia's contribution to the global energy mix is very significant. He explained that replacing Russian oil on the world market takes time, and reducing energy supplies from the Russian Federation will lead to higher prices on the oil market.

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