Russia’s Novak says oil market may see 3-5 million bpd shortage in July: Reports

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Russian Energy Minister Alexander Novak said on Thursday that the global oil market may see a shortage of 3-5 million barrels per day (bpd) in July, depending on the parameters of a deal to be reached by OPEC+ producers, Interfax news agency reported.

Novak said global oil oversupply fell to 7 million bpd in May, Interfax reported.

He added that he did not expect the United States to take a formal decision on oil production cuts and said Moscow remains in discussions with Washington regarding the situation in the oil market.

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