Russia's energy ministry sees global oil demand and supply balancing in the next two months, it said on its Twitter feed on Monday, citing the minister Alexander Novak.
MOSCOW - Russia’s energy ministry sees global oil demand and supply balancing in the next two months, it said on its Twitter feed on Monday, citing the minister Alexander Novak. FILE PHOTO: Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia, August 4, 2016.
REUTERS/Sergei Karpukhin/File Photo Leading oil producers are due to hold an online conference in around two weeks on how to further police joint efforts to steady a global oil market hammered by overproduction and a demand drop linked to the coronavirus pandemic. “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,” the ministry quoted Novak as saying at a state council meeting on energy. The minister also said supply has already dropped by 14 million to 15 million barrels per day thanks to the OPEC+ deal and output cuts in other countries. OPEC+ - a group made up of the Organization of the Petroleum Exporting Countries and other leading oil producers including Russia - agreed last month to cut their combined output by almost 10 million bpd, or roughly 10% of global production. They also expected other large oil producers, such as the United States, Canada and Norway, to make additional cuts. The RIA news agency, citing an unnamed source familiar with the minister’s speech at the state council meeting, reported that the energy ministry considers non-OPEC+ countries to have already cut output by 3.5 million to 4 million bpd. RIA also said Russian oil production volumes were near the country’s target of 8.5 million bpd for May and June.Sources have told Reuters that OPEC and its allies want to maintain existing oil supply cuts beyond June, when the OPEC+ group is due to meet next.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tourists Can Travel To Italy Again In JuneIn a bid to revive the country’s hard-hit tourism industry before the summer holidays, Italy announced that it will allow travel in and out of the country starting June 3rd by rachsandl
Read more »
Catholic Church in Orange County plans to reopen in 'small steps' beginning June 14Catholic Church in Orange County plans to reopen in 'small steps' beginning June 14
Read more »
Vatican Museums, Holy See's cash cow, to reopen from June 1The Vatican Museums will reopen on June 1, the Vatican said on Saturday, ending a closure caused by the coronavirus lockdown that has drained the Holy See's coffers.
Read more »
Buenos Aires lockdown extended until June 7 after rise in coronavirus casesArgentina extended until June 7 a mandatory lockdown in Buenos Aires on Saturday and tightened some movement restrictions, after a steady increase in the city's confirmed coronavirus cases in recent days.
Read more »
What’s Coming to HBO Max in June 2020Before HBO Max even launches — it goes live May 27 — WarnerMedia is trying to lure new subscribers by revealing what’s coming next month to the streamer. The June lineup highlight…
Read more »