Russia's oil minister Novak says oil deficit is around 1-2 mbpd

Market news

10 March 2021

Russia's oil minister Novak says oil deficit is around 1-2 mbpd

Says Russia will increase oil output by 890,000 bpd from May
Expects oil inventories falling to 5-year average in 2021
Sees demand at pre-crisis level in 2022
Sees risk that non-OPEC+ raises output amid higher oil prices

Canada: Bank of Canada Rate, 0.25% (forecast 0.25%)

U.S. Stocks open: Dow +0.68%, Nasdaq +1.10%, S&P +0.67%

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