Global oil deficit seen at 1 million bpd, Russia’s Novak says

Oil prices fell almost 3 percent last week after Iran’s President Hassan Rouhani said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors. (File/Shutterstock)

• He said OPEC+ should take into account possible increase in oil production by Iran when considering its further steps

TORZHOK, Russia: Global oil deficit is currently seen at around 1 million barrels per day, Russia’s deputy prime minister Alexander Novak told reporters on Wednesday.
He added that the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, should take into account possible increase in oil production by Iran when considering its further steps.