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Oil surplus on global market will go down by July 1 — Russia’s energy minister

June 01, 8:24 UTC+3

Russia’s Energy Minister Alexander Novak said that the strategic task is to bring the world oil stocks down to a five-year average, approximately to three billion barrels

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MOSCOW, June 1. /TASS/. Oil surplus on the global market will be cut by 100 mln barrels or by one third by July 1, Russia’s Energy Minister Alexander Novak said in an interview with TASS.

"According to our estimates, the stocks will be down by a hundred million barrels by July 1. And in the second half of 2017 and the first quarter of 2018 the oil stocks will fall by another 200 million," the minister said.

Novak added that the strategic task is to bring the world oil stocks down to a five-year average, approximately to three billion barrels.

"During the crisis the oil stocks climbed to 3.3 billion barrels. This surplus is to be cut by all means. Demand is already above supply today. During the period the agreement has been in operation the oil stocks have dwindled by about 70 million barrels. We should keep moving on in this direction," the minister said.

On May 25, OPEC and non-OPEC countries agreed in Vienna to extend the existing level of oil production cut (1.8 mln barrels daily) until April 2018.

The quota of oil output cut by the OPEC countries and 11 independent oil producers remained the same - 1.8 million barrels per day (Russia accounts for 300,000 barrels).

In December 2016, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 million barrels per day from the oil market in the first half of 2017. The goal of the alliance is to reduce global oil reserves to an average level of five years.

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