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RIA on Monday, citing an unnamed source at the Russian Energy Ministry, said the Russian energy ministry expects global oil demand and supply to remain balanced
over the next two months.
The Energy Department expects global oil demand to improve this month and that capacity has been reduced by 14 million to 15 million barrels
per day.
The Russian side estimates the current global surplus at 7-12 million b/d
.
The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, (OPEC+) agreed last month to cut their combined oil production by nearly 10 million b/d, or about 10 percent
of global oil production.
On top of that, other large oil producers, such as the United States, Canada and Norway, are expected to cut
further.
Russia's Energy Ministry believes non-OPEC+ countries have cut production by 3.
5 million to 4 million barrels
per day, the report revealed.
Russia's oil production in May and June was close to the country's target
of 8.
5 million b/d.
OPEC and its allies want to maintain existing oil supply cuts
after the June OPEC+ group talks, sources told Reuters.
RIA on Monday, citing an unnamed source at the Russian Energy Ministry, said the Russian energy ministry expects global oil demand and supply to remain balanced
over the next two months.
The Energy Department expects global oil demand to improve this month and that capacity has been reduced by 14 million to 15 million barrels
per day.
The Russian side estimates the current global surplus at 7-12 million b/d
.
The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia, (OPEC+) agreed last month to cut their combined oil production by nearly 10 million b/d, or about 10 percent
of global oil production.
On top of that, other large oil producers, such as the United States, Canada and Norway, are expected to cut
further.
Russia's Energy Ministry believes non-OPEC+ countries have cut production by 3.
5 million to 4 million barrels
per day, the report revealed.
Russia's oil production in May and June was close to the country's target
of 8.
5 million b/d.
OPEC and its allies want to maintain existing oil supply cuts
after the June OPEC+ group talks, sources told Reuters.
