New Oil Field
Oil Field

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.

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