Negotiations with the United States are settled? Russian energy officials declare: The world needs to increase oil production
The Russian Deputy Prime Minister stated that global demand for crude oil is increasing, and the "OPEC+" oil-producing countries alliance is prepared to flexibly adjust production based on market changes. Earlier today, CCTV reported that Trump stated the U.S. would postpone sanctions against Russia in hopes of reaching an agreement
Amid global oil price volatility, Russian Deputy Prime Minister Alexander Novak has released a key signal—the OPEC+ alliance is closely monitoring the situation and is prepared to flexibly adjust production to respond to potential supply disruption impacts.
Earlier today, according to CCTV News, on the 16th local time, U.S. President Trump stated that the United States would postpone sanctions against Russia in hopes of reaching an agreement.
On the 17th, Novak stated in a media interview that the volatility in the oil market is primarily driven by three major factors: the risk of supply disruptions in the Strait of Hormuz, global economic recovery, and the tariff policies initiated by the United States. He stated:
"Historically, affordable prices stimulate additional demand for oil, accompanied by ongoing global fuel competition. Overall, the world needs more raw materials."
As the throat of global oil transportation, any potential blockade threat in the Strait of Hormuz is enough to trigger market panic. He further stated, “OPEC+” member countries maintain “ongoing communication, closely monitor market dynamics, and are prepared to flexibly and swiftly respond to any changes in market conditions.”
Novak also mentioned:
“If necessary, trading parameters can be adjusted in the future to ensure the optimal balance between supply and demand.”
