Russia’s Novak sees potential 3-5 million bpd oil market shortage in July

Russian Energy Minister Alexander Novak said on Thursday that the global oil market could face a shortage of 3-5 million barrels per day (bpd) in July, depending on a deal to be reached by OPEC+ producers, Interfax news agency reported.

In an interview, Novak said the market has been on a recovery path, following a steep decline in demand due to the coronavirus fallout.

He said the global oil demand was down by 25-28 million bpd in April and down by 21 million bpd in May.