Russia Sees Oil Market Balance in June-July on OPEC+ Cuts
- Global supply has dropped by 14 million-15 million barrels/day
- Russia has reached its pledged output cuts, RIA Novosti says
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Russia, OPEC’s key ally in the deal to cut oil production and ease a global glut, sees the market balancing in June or July.
Around the world, producers have lowered global oil supply by 14-15 million barrels a day so far, Energy Minister Alexander Novak said in a statement Monday. Non-OPEC+ countries, including Canada, Norway and the U.S., have contributed with cuts of around 3.5-4 million barrels per day, RIA Novosti reported earlier, citing an unidentified person with knowledge of the minister’s speech.