Oil market deficit of 3-5 mln bpd possible in July depending on OPEC+ parameters

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Oil market deficit of 3-5 mln bpd possible in July depending on OPEC+ parameters - Novak

MOSCOW. June 4 (Interfax) - The oil market is starting to recover, the imbalance declining to 7 million barrels per day in May thanks to the OPEC+ deal and an organic reduction of output by other countries, Russian Energy Minister Alexander Novak told Interfax.

The market will balance in June and a deficit of 3-5 million bpd is possible as early as July, depending on the parameters of the OPEC+ deal, he said.