Excess Oil Expected to Total 1 Mln Bpd Before Year-End - Russian Energy Minister

Russian Minister of Energy stated that excess oil in the market is expected to total 1 million barrels per day before the end of the year.

MOSCOW (Sputnik) – Excess oil in the market is expected to total 1 million barrels per day before the end of the year, Russian Minister of Energy Alexander Novak said Thursday.

"Before the end of the year, it is expected that the market will be oversupplied by about 1 million barrels per day," Novak said at the ENES 2016 International Energy Efficiency and Energy Development Forum in Moscow.

Supply exceeded demand by 1.8 million barrels per day as of the start of 2016, the minister said, noting that there has been a slight balancing of the market since.