OPEC+ recent deal of extending production cut of 9.7 million barrel/day has removed nearly 9 million barrels of crude oils per day from the global market, said Alexander Novak, Russian Energy Minister in Monday (June 8) briefing. OPEC+ has agreed on last Saturday, June 6, on the online meeting to extending their curb on global crude oil outputs as much as 9.7 million barrel/day until the end of July, since the same amount of suppression in the last two months has been helped to double the global crude oil prices.
As Energy Minister Novak said that it was too premature to foresee the situation in August, as the precondition for the any of the future situations, whether to extend the crude oil curb or reducing the output curb would depend on the recovery speed in oil demands.
