Global oil deficit seen at 1 million bpd, Russia’s deputy prime minister Alexander Novak says

The global oil deficit is now seen at about 1 million barrels per day (bpd), Russia’s deputy prime minister Alexander Novak said on Wednesday, days before the OPEC+ top negotiators are expected to meet.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, is bringing back 2.1 million bpd of oil production through July, easing cuts to 5.8 million bpd. Their next meeting is set for June 1.