On Monday, Russia’s energy ministry cited the energy minister Alexander Novak that in June-July period, the global oil supply and demand would balance.
“For now, the surplus stands at around 7-12 million barrels per day. The energy ministry is counting on the market to balance out in June - July thanks to a consumption increase,” it stated quoting Novak at a state council meeting on energy.
The minister said that the OPEC+ deal and output cuts in other countries have cut 14-15 million bpd of oil supply. The ministry expected other large oil producers, such as the United States, Canada, and Norway, to make additional cuts.
According to news agency RIA, the country’s oil production volumes were already close to the target of 8.5 million bpd in May and June. However, the energy ministry declined to comment on output volumes.
