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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