Russia believes that the current market deficit is 1 million barrels per day

According to the news of today's oil price website on May 26, Russian Deputy Prime Minister Novak said on the 23rd that Russia estimates that the current global oil market deficit is about 1 million barrels per day.

According to TASS, Novak said in an interview with reporters in Russia: “There is a deficit of about 1 million barrels a day in the market, and we need to consider how to meet the growth in demand.

Novak said last week that the oil market is fairly balanced, with demand slightly higher than supply.

The deputy prime minister told reporters last week: “There must be a deficit in the market, which is why oil inventories have fallen to the five-year average level since last year.

Russia, as a key partner of OPEC in the OPEC+production agreement, is gradually returning more than 1 million barrels of oil production to the market during the period from May to July in accordance with OPEC's agreement.

The OPEC+ Union monthly ministerial meeting will be held next week (June 1) to assess the market situation and compliance rate.

Mikhail Ulyanov also said: "Participants expressed their willingness to do their utmost to resolve the remaining outstanding issues and to successfully complete the negotiations as soon as possible.

Wang Lei excerpted from today's oil prices

The original text is as follows:

    Russia: Current Oil Market Deficit Is 1 Million Bpd

    Russia estimates that the global oil market is currently in a deficit of around 1 million barrels per day (bpd), Deputy Prime Minister Alexander Novak said on Wednesday.

    "There is a deficit on the market of around 1 million bpd and we need to consider how we can meet the growth in demand," Novak told reporters in Russia, as carried by news agency TASS.

    Last week, Novak said that the oil market was fairly balanced, with demand slightly exceeding supply.

    "There is definitely a deficit on the market, that's why oil stocks from last year are drawing down toward the five-year average," the deputy prime minister told reporters last week.

    Russia, as OPEC's key partner in the OPEC+ production deal, is ramping up its oil production between May and July, as per the group's agreement to gradually return over 1 million bpd to the market between May and July.

    The monthly meeting of the ministers of the OPEC+ alliance to take stock of the market situation and compliance rates is scheduled to take place next week, on June 1.

    "The participants expressed readiness to do their best to resolve the remaining outstanding issues and to complete negotiations successfully as soon as possible," Ulyanov added.