Novak: global oil deal took nearly 9 million bpd off the market

Russian Energy Minister Alexander Novak, said on Monday, that 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.

In a briefing, Novak said 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.