Novak also said he expected oil demand to reach pre-pandemic levels by the end of next year, but added that it was difficult to predict whether crude prices would reach record high levels, as natural gas prices did.
“Demand for oil could decline because there is still uncertainty, we are also seeing another wave of the pandemic spreading around the world,” he said.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, who make up what is known as the OPEC + alliance, raised oil production target levels by 400,000 barrels per day in September.
Russian President Vladimir Putin said Thursday, October 21, that the OPEC + grouping increases oil production a little more than agreed, but not all countries are able to increase production significantly.
“Not all oil-producing countries are in a position to increase production quickly,” he added.
Putin warned that restrictions on investments in the development of the oil sector could lead to a shortage of crude in the next few years.
He said that there may come a time in the future when global demand for oil increases without an available supply.
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