Expect more oil on the global market by the third quarter of the year, Russia’s energy minister said from St. Petersburg. File Photo by Oskari Porkka/Shutterstock May 25 (UPI) — Parties to an OPEC-led effort to trim a market surplus through production cuts may reverse course in the second half of the year, Russia’s oil minister said. The Organization of Petroleum Exporting Countries and a handful of non-member state producers are in the second year of an effort to erase a market surplus through production limits. OPEC agreed to cut production by 1.8 million barrels per day, while non-OPEC members agreed to 558,000 barrels per day. Speaking from the sidelines of the St. Petersburg International Economic Forum, Russian Energy Minister Alexander Novak said there could be a gradual increase in output starting in the third quarter of the year. “It is premature to talk about a specific figure,” he […]