Russia's Novak: Expecting partial recovery of oil demand

The OPEC+ decision on 2021 output strategy is in line with Russia's interests, Russian Energy Minister Alexander Novak noted on Wednesday, as reported by Reuters.

Additional takeaways

"Oil prices have been stabilized."

"We see a partial recovery of oil demand."

"We see rise of oil imports in the Asia Pacific."

"Air traffic is still low."

"Countries outside of OPEC+ have boosted investments."

"Next OPEC+ meeting is on January 4th."

Market reaction

Crude oil prices largely ignored these comments. As of writing, the barrel of West Texas Intermediate (WTI) was up 0.32% on a daily basis at $45.73.