Russia sees global oil market balancing in June-July: RIA cites source - Reuters

Russia sees global oil market balancing in June-July: RIA cites source - Reuters:

Russia’s energy ministry sees global oil demand and supply balancing in the next two months, the RIA news agency said on Monday, citing an unnamed source familiar with the minister’s speech at a state council on energy.

The comments come more than two weeks before the leading oil producers hold an online conference on how to further police their joint efforts to steady a global oil market hammered by overproduction and the blow to demand in the face of the coronavirus pandemic.

The energy ministry declined to comment.

The ministry expects global oil demand to improve this month and says supply has already dropped by 14 million to 15 million barrels per day (bpd), RIA said, adding that Moscow estimates the current global surplus at between 7 milllion and 12 million barrels per day (bpd).