Russia’s Novak: Oil market imbalance in May narrowed to 7M bpd

Oil market imbalance in May narrowed to 7 million barrels per day (bpd), said Russian Energy Minister Alexander Novak on Thursday.

He noted: the July oil market deficit may be 3-5 million bpd.

On Wednesday, Reuters reported that the OPEC and non-OPEC producers are likely to hold the Joint Technical Committee (JTC) and Joint Ministerial Monitoring Committee (JMMC) meetings around mid-June versus the previous expectations for this week.

Market reaction

The above comments have little to no impact on oil prices, with WTI shedding over 2% to trade around 36.50 levels.