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Novak Describes Global Oil Market as 'Tense'

Summary by BizToc
Russian Deputy Prime Minister Alexander Novak underlined on Sunday that conditions in the global oil market remained "volatile" and "tense," adding that OPEC+, comprising the Organization of the Petro...

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The current oil crisis will be overcome and the OPEC+ joint action will take the lead, a view that was expressed by the Russian Vice-Premier Alexander Nowak in an interview with IS Westi at the end of the OPEC+ Seven Volunteers meeting, as well as by the OPEC+ Monitoring Committee.

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The current crisis in the world oil markets will be overcome through the joint efforts of the OPEC+ countries, said Vice-Premier Alexander Nowak. "We discussed and re-emphasized the leading role of OPEC+ in stabilizing the world's oil markets," TASS quoted Novak. He expressed confidence that the oil market crisis would be overcome, including through joint action by the participating countries. "There was a meeting of the Ministerial Monitoring C…

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The world oil market remains tense, with deficits, and, as Novak reported, the Committee has also noted a fairly volatile energy market environment.

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The global oil market continues to face a supply deficit, and the situation remains tense and volatile, as Deputy Prime Minister Alexander Novak said in an interview with IP Westi.

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The current global energy crisis will be overcome, the leading role in it will be ensured through the joint efforts of the OPEC+ countries. This ...

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vz.ru broke the news on Sunday, October 4, 2026.
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