Russian Energy Minister Alexander Novak said on Thursday that the global oil market could face a shortage of 3-5 million barrels per day (bpd) in July, depending on a deal to be reached by OPEC+ producers, Interfax news agency reported. The OPEC+ group of oil producers agreed to cut production by almost 10 billion bpd in May and June to support global oil prices. They have been discussing whether to continue the cuts beyond June at the same pace. In an interview, published by Interfax, Novak said the market has been on a recovery path, following a steep decline in demand due to the coronavirus fallout. Novak said the global oil demand was down by 25-28 million bpd in April […]