Investing.com -- Russian Deputy Prime Minister Alexander Novak stated Thursday that all oil market estimates should be drastically revised and that OPEC+ can offset global changes in the energy sector.

Novak made the comments after meeting with Saudi Energy Minister Prince Abdulaziz bin Salman in St Petersburg. The two officials agreed that uncertainty exists about oil demand, according to Novak.

Saudi Arabia's energy minister also said Thursday that the world needs the energy sector to be stabilized.