Russia sees oil market balance by the end of July 2020 as reported by the RIA news agency, based on an unnamed source acquainted with the Russia’s energy minister’s speech at the state council on energy.
- The news emerged in the market ahead of the upcoming online conference between leading oil producers concerning joint efforts to bring balance to the oversupplied oil market.
- As per the RIA news, the Russian oil ministry anticipates that the global demand would improve ahead while the supply is already being curtailed by 14 to 15 million barrels per day.
- RIA also mentioned that Russia anticipates the current global oil surplus to range between 7 to 12 Mbpd.
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