Russia sees oil supplies dwindling from global market

26 Jul 2017   OPEC

Hundreds of millions of barrels of crude oil are lacking from the global energy market because of joint efforts with OPEC, Russia’s oil minister said Monday. Members of a committee monitoring a deal coordinated by the Organization of Petroleum Exporting Countries are meeting in St. Petersburg to consider the effectiveness of managed declines that began in January. The agreement includes major non-OPEC oil producers like Russia and Kazakhstan. For the first time in three years, Russian Energy Minister Alexander Novak said global oil and petroleum product volumes have declined. “More than 350 million barrels of oil supply have been removed by the joint effort,” he was quoted by Russian news agency Tass as saying. […]

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