Russia's oil demand rose 20% month-on-month in May

According to Tass news agency May 26, Russian energy minister Novak (Alexander Novak) said oil demand is still at a low level, but in May demand increased by 20% from April. 

"The oil industry continues to grim situation, the oil industry continues to operate, gasoline prices have remained stable this year, diesel prices are only 1.5% higher than the beginning of the year ."

Novak added that the oil surplus has so far been around 7 to 12 million barrels a day, but the department of energy expects the market to rebalance as demand grows in June and July.

Demand for oilfield services has fallen by 50 per cent, and the government has prepared support measures. "We have prepared a series of proposals to support oil-field service companies, aimed at bringing their demand to at least 80% last year ," Novak said.

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