Russian Deputy Prime Minister Alexander Novak stated on Monday that the global oil market is expected to achieve balance in the latter half of the year and beyond, largely due to the Opec+ agreement on production supply. Opec+, which includes the Organisation of the Petroleum Exporting Countries and partners like Russia, has enforced a series of production reductions since late 2022 to stabilize the market. The group decided on June 2 to prolong the current cut of 2.2 million bpd until the end of September and to gradually reduce this cut starting from October. The US Energy Information Administration recently reported that global oil demand will surpass production by approximately 750,000 barrels per day in the second half of 2024, attributed to reduced Opec+ output. Opec's recent report also indicates a forthcoming oil supply shortfall in the upcoming months and 2025. In response to a query regarding the oil market's condition in the second half of the year, particularly from autumn when Opec+ plans to start easing some of its production cuts, Novak affirmed: "The market will remain balanced due to our measures."