Russia’s Novak says global oil market faces deficit of 1 mln bpd

26/05/2021 Argaam

Russian Deputy Prime Minister Alexander Novak

The deficit in the global oil market is currently estimated at one million barrels per day (bpd), Reuters reported, citing Russia’s Deputy Prime Minister Alexander Novak.

 

This came days before the OPEC+ countries are expected to meet on June 1, 2021, as the oil bloc aims to bring back 2.1 million bpd of oil production through July, easing cuts to 5.8 million bpd.

 

"We have always kept in mind a return of Iranian barrels. We need to consider this... We will jointly calculate the (supply and demand) balance," Novak added.

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