The global oil market is balanced and the current price of oil fully reflects this market situation, Russian Deputy Prime Minister Alexander Novak said in an interview with Russian television channel Rossiya 24 on Sunday. “We have seen low volatility over the past few months, which means that the market is balanced and today’s prices undoubtedly reflect this market situation,” said Novak who was promoted from energy minister to deputy prime minister last year. Novak is still in charge of coordinating Russia’s oil policy with OPEC and co-chairs the monthly OPEC+ panel meetings together with the Saudi Energy Minister, Prince Abdulaziz bin Salman. According to Novak, the price of oil will average in the range between $45 and $60 per barrel in 2021. Oil prices have rallied in recent weeks, supported by the OPEC+ production cuts, the vaccine rollout and vaccinations, and more recently, by falling COVID-19 cases and […]