G20-Russian Energy Minister sees oil supply-demand imbalance narrowing
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BELEK, Turkey: Russia, the world’s top oil producer, sees the gap between global oil supply and demand narrowing gradually, the country’s Energy Minister Alexander Novak told reporters on the sidelines of the G20 summit in Turkey.

He added that excessive oil supply could be eliminated in the second half of next year.

The Organization of Petroleum Exporting Countries (OPEC) was ready to hold consultations with Russia to assess the situation on the global oil market, Novak said, adding however that there was no joint position within OPEC regarding oil output cuts.

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