The Russian energy ministry expects the global oil market to balance in June or July as a result of rising consumption, as well as the drop in production in OPEC+ and other countries. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “14-15 million b/d of oil has already left the market as a result of the OPEC+ deal, and also declining production in other countries. The surplus is currently around 7-12 million b/d, but the energy ministry expects that in June or July the market will balance thanks to rising consumption,” the ministry said in a statement released after the energy minister Alexander Novak took part in a government meeting Monday. The ministry estimates that although demand for oil in May continues to be […]