Russia will propose to OPEC+ to react to the recovery in global oil demand, which has now reached 90% of the levels seen before the pandemic, Russia’s Energy Minister Alexander Novak said

OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end

Russian Energy Minister Alexander Novak said the global oil market might achieve a balance between supply and demand in July and could even face a shortage of crude

Without mentioning who the new deal’s members should or could be, Russia called for a new OPEC+ deal to balance oil markets to cushion the economic fallout from coronavirus