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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