Global oil supplies surplus decline in May, says Russian energy minister

04/06/2020 Argaam

 

Russian Energy Minister Alexander Novak said global oil oversupply fell to 7 million barrels per day (mbpd) in May, Reuters reported, quoting Interfax news agency.

 

“Global oil market may see a shortage of 3 to 5 mbpd in July, depending on the parameters of a deal to be reached by OPEC+ producers,” Novak added.

 

He further said that he did not expect the United States to take a formal decision on oil production cuts and Russia remains in discussions with Washington regarding the situation in the oil market.

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