Russia: Current Oil Market Deficit Is 1 Million Bpd

Russia estimates that the global oil market is currently in a deficit of around 1 million barrels per day (bpd), Deputy Prime Minister Alexander Novak said on Wednesday. “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,” Novak told reporters in Russia, as carried by news agency TASS. Last week, Novak said that the oil market was fairly balanced, with demand slightly exceeding supply. “There is definitely a deficit on the market, that’s why oil stocks from…