The “surplus” of global oil inventories decreased from 260 million barrels to 34 million barrels, and the level of inventories is expected to return to five-year average in June, Russian Deputy Prime Minister Alexander Novak said on Tuesday.
“We have been observing a balance of supply and demand in the market for several months, primarily due to the agreement that has been in force for a year. Significant volumes have been removed from the market, and this has reduced the surplus of inventories from 260 million barrels to 34 [million barrels]. We expect that in June we will already reach the five-year average,” Novak said in an interview with the Rossiya 24 broadcaster.
Bringing commercial reserves of oil and petroleum products in the world to a five-year average was originally designated as the goal of the OPEC+ agreement to limit oil production.