“I would like to address all countries asking them to contribute equally to ensure the balance between oil supply and demand. It is important to respect production levels and guarantee the compensation plan for unfulfilled voluntary reductions,” said Alexander Novak in statements to Russian state television.
The government official warned that the slowdown in global economic growth expected for this year will negatively affect oil demand.
“We are witnessing trade wars between countries and a slowdown in economic growth. And, according to the forecasts of many analysts, this year’s economic growth will be lower than initially predicted, which will have an impact on demand,” he observed.
