Russia’s Novak sees global oil deficit despite rising COVID-19 cases

Russian Deputy Prime Minister Alexander Novak said there was an oil deficit on the global market even though some countries were recording a growing number of COVID-19 cases.

"There definitely is a deficit on the market which helps to reduce an (oil stocks) excess left from last year, to gradually bring it to the level of a five-year average," Novak told reporters.

"The oil prices are stable ... meaning that the market is balanced with a slight excess of demand over supply."

OPEC and its allies, known as OPEC+, agreed in April to gradually ease oil output cuts from May. Its next meeting is set for June 1.