Russia says global oil deal took nearly 9 million bpd off the market

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8 June 2020

The OPEC+ deal to cut crude production removed nearly 9 million barrels of oil per day (bpd) from the global market as demand was hit by the coronavirus pandemic, Russian Energy Minister Alexander Novak told a briefing on Monday, APA-Economics reports citing Reuters.

OPEC, Russia and allies agreed on Saturday to extend record oil output cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supply from the market.

Novak said on Monday that it was premature to forecast the situation in August, adding that the main precondition for any further extension of the deal would be the speed of the recovery in oil demand.

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