Due to surplus black gold production, Russian Deputy Prime Minister Alexander Novak stated that the world oil market would have collapsed without the OPEC agreement.

In an interview with a Russian television channel, the senior official noted today that the world oil market would have collapsed without the agreement, so much so that there would be no room for oil storage.

The OPEC Agreement, under which oil production had been regulated for five years, had made it possible to re-attract investment to the oil industry, as well as to restore confidence in the oil sector.

Novak indicated that the OPEC Group would continue to increase supplies to the market to meet the growing demand for crude.

On his forecast for next year, the Deputy Prime Minister said that Russia expected the balance of supply and demand in the world oil market to recover in 2022.

It should be noted that at a meeting held early this month (December 2021) OPEC agreed to proceed with the planned increase in oil production in January 2022 of 400,000 barrels per day.