He told reporters in Russia, as carried by news agency TASS:
- There is a deficit on the market of around 1 million bpd and we need to consider how we can meet the growth in demand
The Deputy prime minister told reporters last week:
- There is definitely a deficit on the market, that’s why oil stocks from last year are drawing down toward the 5-year average
Saudi Arabia will also reverse its extra unilateral cut of 1 million bpd in that period.
The monthly meeting of the ministers of the OPEC+ alliance to take stock of the market situation and compliance rates is scheduled to take place next week, on June 1.
OPEC+ bears in mind the possibility of a return of Iranian oil to the market in the short term, Novak said today.
Iran has the potential for recovery, and the alliance will need to calculate the balance of demand and supply considering Iran, when and if sanctions are lifted, Russia’s top oil policy diplomat said.
Indirect talks between the U.S. and Iran and talks with the countries part of the Iranian nuclear deal resumed in Vienna on Tuesday.
Mikhail Ulyanov, who leads the Russian delegation at the talks, said on Tuesday that:
- The Joint Commission opened today the 5th and probably final round of the Vienna talks on restoration of the JCPOA
- The participants expressed readiness to do their best to resolve the remaining outstanding issues and to complete negotiations successfully as soon as possible