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5/26, 10:56 AM (Source: TeleTrader)
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Novak sees global oil deficit at 1 million bpd

Deputy Prime Minister of Russia Alexander Novak (pictured) stated on Wednesday that the global market is currently experiencing an oil deficit of approximately one million barrels per day (bpd).

Further, the official said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) need to take into account the potential oil output growth in Iran when considering their next moves.

Brent for July deliveries was down 0.23% to $68.81 per barrel at 10:55 am ET. Meanwhile, West Texas Intermediate for settlements in the same month fell 0.06% to go for $66.11 per barrel.

Breaking the News / MD