Novak: Oil market now balanced, price growth due to Middle East situation

MOSCOW. April 3 (Interfax) - The global oil market is balanced, but in the last few days it has been influenced by rising tensions in the Middle East, which have been reflected in prices, Deputy Russian Prime Minister Alexander Novak said.

"The market is now balanced, and this is confirmed by the monitoring carried out within the framework of the JMMC, which took place today. The price growth, which we have seen over the past few days, is indeed related to the market's response to the situation in the Middle East. As for the balance of supply and demand, the situation here is stable," Novak told reporters on the sidelines of the State Duma, where a report on the government's performance in 2023 was heard.

Novak did not predict whether the rise in oil prices will continue, since "various factors influence the market."