“The balance of supply and demand has not yet been achieved; there are still quite a lot of excess stocks on the market that have been formed over the past months. Given the fact that we are just quitting quarantines, of course, extending the maximum reduction in production by a month is certainly logical, ”he said.
On June 6, the OPEC + countries agreed to extend the reduction in oil production until the end of July this year.
Russian Energy Minister Alexander Novak said that such a decision was made to balance the oil market.
Deputy Director General of the Institute of National Energy Alexander Frolov in an interview with the NSN commented on the situation with oil prices.