Even though the new OPEC+ deal is set to come into force this week, oil prices will not rise much in the near future because of very high global inventories, Russian Energy Minister Alexander Novak said in an article published in the ministry’s publication Energy Policy on Tuesday. The oil market could begin to balance in the second half of this year, as demand is expected to recover with easing of travel restrictions and supply is set to be reduced due to the new OPEC+ production cut deal , Novak said. Russia thinks that the result of the new agreement will depend on how fast the global economy could recover, which would lead to higher demand for energy resources, the minister added. China is already showing signs of recovering economic activity and we hope that other economies could see positive developments in a few months, too, Novak said, but […]