Russian Oil Minister: Global Glut Shrunk By 350 Million Barrels

Russia’s Energy Minister Alexander Novak said yesterday that over the last six months, global crude oil supply has shrunk by 350 million barrels thanks to the production-cutting efforts of OPEC and its partners. Novak was speaking at a meeting of energy ministers in St. Petersburg to track the progress of the oil production cut deal that Russia and a number of other oil producers inked with OPEC late last year in a bid to enable an oil price recovery.

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