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Supply Surplus in Oil Markets to Drop to 1Mln Barrels Per Day by 2017 – Minister

Sputnik International

Alexander Novak said Monday he expected the surplus in global oil markets to drop to 1 million barrels a day by the end of 2016. 10.10.2016, Sputnik International

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Supply Surplus in Oil Markets to Drop to 1Mln Barrels Per Day by 2017 – Minister

10:19 GMT 10.10.2016 (Updated: 10:31 GMT 10.10.2016)

Energy Minister Alexander Novak - Sputnik International

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Alexander Novak said Monday he expected the surplus in global oil markets to drop to 1 million barrels a day by the end of 2016.

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10 October 2016, 07:40 GMT

ISTANBUL (Sputnik) – Russian Energy Minister Alexander Novak said Monday he expected the surplus in global oil markets to drop to 1 million barrels a day by the end of 2016.

"We will see a surplus of some 1 million barrels a day by the end of the year. It was around 1.8-2 million at the start of the year and is likely to drop by approximately 1 million barrels," Novak told reporters.