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Russian Energy Minister Alexander Novak expressed hope on Wednesday about a balance in the demand for oil in May and June, although he said that there is no point in predicting future prices.
Novak noted that in May or June, several nations are expected to lift the restrictions imposed by the SARS CoV-2 coronavirus that has caused the Covid-19 pandemic, so businesses could be activated.
The period to balance the demand for oil will not be short, the minister told the digital newspaper Gazeta.ru. It may finally end by late this year, he assured.
In addition, Novak expressed uncertainty about complying, as of May 1, with the agreement reached between the Organization of Petroleum Exporting Countries (OPEC) and nations like Russia, Kazakhstan, the United States, Canada, Brazil, Mexico or the United Kingdom.
The agreement establishes a reduction of ten million barrels a day in May and June, eight million barrels between July and December, and six million in 2021.
