Global oil reserves are quite low, some 87 million barrels below the average over the past five years, Russian Deputy Prime Minister Alexander Novak said on Monday
MOSCOW (Pakistan Point News / Sputnik - 03rd April, 2023) Global oil reserves are quite low, some 87 million barrels below the average over the past five years, Russian Deputy Prime Minister Alexander Novak said on Monday.
"The volume of world oil reserves is quite low 87 million barrels below the five-year average. But nevertheless, we see that there has been growth in recent months, and this means that we are still seeing an excess of oil on the market today," Novak told the Rossiya 24 broadcaster.
On Monday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) approved the decision of Russia to extend voluntary oil production cuts of 500,000 barrels per day until the end of 2023, as well as the decision of Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Gabon to also carry out voluntary oil output cuts starting May until the end of 2023. The JMMC added that it does not recommend to adjust the current parameters of the alliance deal.
