As OPEC implement the cut-off agreement, Russia expects to balance the oil market in June and July; 

Russia expects the crude market to balance in June or July. Russian energy minister Alexander Nowak said in a statement Monday that producers around the world have so far reduced global oil supplies by 14 million to 15 million barrels a day. Earlier, Russia quoted an unnamed source familiar with the minister's speech as saying that non-state OPEC, including Canada, Norway and the united states, had contributed about 3.5 million to 4 million barrels a day production cuts.

 OPEC and partners reached a historic agreement in April to reduce production by 9.7 million barrels per day. And a month or so ago, when Russia refused to cut production further after the Coronavirus epidemic slowed global consumption, Saudi Arabia launched an oil price war. 

Despite initial scepticism, oil prices have risen nearly 65% over the past four weeks as OPEC cut-off agreements enter into force and economies, including China, begin to reopen. 

 Russia has reached the level promised in the OPEC agreement, cutting production by 2 million barrels a day, Russia reported, citing Novak. Although the country agreed to cut crude production by 2.5 million barrels per day in May and June, condensate was included in the total production figures. Russia can produce about 700,000 barrels/day of condensate oil. 

While Saudi Arabia, Kuwait and the United Arab Emirates pledged further voluntary cuts earlier this month, Russia has yet to say it will. According to Novak last week, Russia aims to strictly abide by the terms of the OPEC agreement.

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