Global Oil Market Deficit About 1Mln Bpd, Situation More Or Less Stable - Russia's Novak

MOSCOW (UrduPoint News / Sputnik - 20th October, 2020) Global oil market deficit is now about 1 million barrels per day, which indicates some stabilization, but OPEC+ expects more uncertainty in the winter and will continue monitoring the situation, Russian Energy Minister Alexander Novak said on Monday.

"Today, for example, we are seeing a deficit of about 1 million barrels per day in the market. This means that inventories are decreasing every day, this is good. And the situation is more or less stable, we see this in terms of stable oil prices and the supply-demand balance," Novak told the Rossiya 24 broadcaster.

"We are certainly monitoring the situation, we believe that in winter there will be more uncertainty, because demand is falling," he said.