OPEC+ Ready for Flexibility Amid Global Oil Market Volatility

In light of escalating Middle East tensions and ongoing trade wars, Russian energy expert and Deputy Prime Minister Alexander Novak highlights the world's growing demand for oil supply. He stresses that OPEC+ stands ready to adapt to maintain market equilibrium amid fluctuating prices.

Concerns over potential disruptions in the Strait of Hormuz have significantly impacted oil prices, Novak noted. He detailed that the energy markets are also influenced by the global economic recovery and geopolitical tensions exacerbated by Washington's trade policies.

Novak assured that OPEC+ countries remain vigilant, prepared to modify agreements to ensure the oil market's stability. Should market conditions require, adjustments to transaction parameters will be made to secure an ideal supply-demand balance, he stated in an interview with the Vedomosti newspaper.

(With inputs from agencies.)