Russian Deputy Prime Minister Alexander Novak believes that volatility in the global oil market is lower because markets have already factored geopolitical risks into their pricing.
At the OPEC+ meeting, Novak said that the global oil market responded sharply to the recent escalation of the conflict in the Middle East.
"We discussed the current world markets situation, and forecasts for economic development globally. Consumption growth this year will be approximately 1.8 million bpd worldwide," Novak said.
The market's response to the current situation is natural, given the fact that supply may retreat on conflict, because this region includes a group of mega oil producers, Russia 24 TV reported, citing Novak.
The Russian deputy PM pointed out that OPEC is optimistic about the growth of global oil consumption, believing that demand not peak until 2050.
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