Oil markets not fully recovered from COVID-19 crisis: Russia's Novak

Global oil markets have not fully recovered from the COVID-19 pandemic but are in a better shape currently than last year, Russian Deputy Prime Minister Alexander Novak said at the start of a meeting of OPEC+ oil producers. 

Investors are anticipating the outcome of the meeting that is expected to take a decision on the production policy in April 2021.

At the start of the meeting, Energy Minister Abdulaziz bin Salman urged caution and vigilance in the oil market.

Media reports stated on March 3 that some OPEC+ members prefer to keep the oil production policy unchanged in April, while others suggested the possibility of increasing supplies by 500,000 barrels.