Supply Surplus in Oil Markets to Drop to 1Mln Barrels Per Day by 2017 – Minister

ISTANBUL (Sputnik) – Russian Energy Minister Alexander Novak said Monday he expected the surplus in global oil markets to drop to 1 million barrels a day by the end of 2016.

"We will see a surplus of some 1 million barrels a day by the end of the year. It was around 1.8-2 million at the start of the year and is likely to drop by approximately 1 million barrels," Novak told reporters.