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Oil Market Gradually Recovering, Could Return to Normal in 2022


The oil market is gradually recovering, and in 2022 will return to the level it was before the pandemic, Deputy Prime Minister of the Russian Federation Alexander Novak said during the forum “Russian Energy Week”, which takes place on October 13-15 in Moscow.
In the spring of 2020, when the OPEC+ alliance members, which control 70 percent of world oil production, did not come to a common decision, Saudi Arabia dumped millions of barrels into the market at knockdown prices.

The situation worsened with the pandemic – the reduction in demand due to the stopped transport in the world brought down the price of oil by 9 times. Only after that, the OPEC + countries decided to reduce total production by 15 million barrels per day, by almost a third.
In 2021, demand will grow by another …

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