What did Russian Deputy Prime Minister Novak say about the current global oil demand outlook after meeting Saudi Energy Minister Prince Abdulaziz bin Salman?

Novak stated that 'no one really knows what to expect regarding demand at the moment' and emphasized that 'uncertainty has increased,' concluding that 'estimates made just a few years ago now need to be fundamentally revised.'

According to Novak, how is OPEC+ positioned to respond to the ongoing changes in the global oil sector?

Novak said that 'the OPEC+ group of crude oil exporters would be able to offset changes taking place in the sector.'

Russian Deputy Prime Minister Novak Meets Saudi Oil Minister, Says Demand Outlook Is Unclear

Jun 4, 2026

Russian Deputy Prime Minister Alexander Novak met Saudi Energy Minister Prince Abdulaziz bin Salman, citing rising uncertainty in global oil demand due to geopolitical tensions. OPEC+ plans to offset sector changes amidst significant supply crisis concerns.

reuters

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Russian Deputy Prime Minister Novak Meets Saudi Oil Minister, Says Demand Outlook Is Unclear

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