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.
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. 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.
They also expected other large oil producers, such as the United States, Canada and Norway, to make additional cuts.
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