Russia says fall in oil supply may balance market in a year

Russia says fall in oil supply may balance market in a year
  • Clock-gray 14:02
  • calendar-gray 27 March 2020

A decline in oil supply may lead to the global market balancing out in a year, while demand - hurt by the coronavirus pandemic - should be watched, Russian Deputy Energy Minister Pavel Sorokin, APA reports citing Reuters.

He said oil output in the United States, the world’s largest producer, could fall by 1.5 million barrels per day this year with the oil price at $30-$35 per barrel.

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