On the eve of the St. Petersburg International Economic Forum (SPIEF), Deputy Prime Minister Alexander Novak gave an interview to Vedomosti, where he commented on the current situation on the oil market.

He noted that the current world oil prices are a temporary phenomenon due to the unstable market situation. It is connected with the escalation of trade wars and geopolitical tensions, which negatively affects most of the major oil-producing countries.

Novak expressed confidence that as these “market shocks” (sharp price fluctuations caused by external factors) subside, oil prices will start to rise.

The deputy prime minister also emphasized that global oil prices have always remained under pressure from various political factors as well as the balance of supply and demand in the market.

According to him, OPEC+ countries, which earlier decided to increase production, are constantly monitoring the situation and are ready to adjust their strategy if necessary.