World oil reserves have fallen below the five-year average, while global oil demand is expected to grow by 2.2 million barrels per day this year, according to Russian Deputy Prime Minister Alexander Novak following a meeting of the OPEC+ monitoring committee.

Novak highlighted that the current oil market conditions are stable, with a projected demand increase of 2.2 million barrels per day by the end of 2024. He also mentioned that oil reserves are currently below the five-year average. OPEC+ countries have reaffirmed their commitment to production restrictions set during the June 2 ministerial meeting, which will continue until the end of 2025.

Regarding oil prices, Novak stated that the current range of $80 to $85 per barrel is favorable for Russia and its budget. He indicated that this price level is acceptable for the market and aligns with previous expectations.

The OPEC+ countries have confirmed their existing oil production quotas for this year and next, with potential increases in production starting in the fourth quarter of 2024. They may suspend or cancel the gradual restoration of voluntary production cuts starting in October 2024, depending on market conditions. From the first quarter of 2024, eight OPEC+ countries, including Russia and Saudi Arabia, plan to gradually restore oil production after previously agreeing to reduce production by 2.2 million barrels per day.