Russia has aligned with OPEC+ in pushing back against calls by the US to raise oil output, indicating that there is no oil shortage in the global market, Bloomberg reported, citing Russia’s Deputy Energy Minister.
“Inventories have stopped drawing, which shows there is no deficit at the moment,” Pavel Sorokin said in the interview on the sidelines of ADIPEC2021, the global energy event held in Abu Dhabi.
“Everybody is predicting a surplus of supply starting from the first or second quarter, it’s just a matter of timing by a few months,” he added.
The deputy energy minister’s comments echo other key OPEC+ members such as Saudi Arabia and the United Arab Emirates.
Sorokin said that Russia will be able to raise its oil output to pre-pandemic levels of 11.32 million barrels a day as soon as market’s needs and OPEC+ deal allow.
