Global oil deficit seen at 1mn bpd, Russia’s Novak says

The global oil deficit is now seen at about 1 million barrels per day (bpd), Russia's deputy prime minister Alexander Novak said, days before the OPEC+ top negotiators are to speak via a videoconference.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, is bringing back about 2 million bpd of oil production through July. Its next meeting is set for June 1.

Any increase of oil production by Iran if indirect talks between Washington and Tehran lead to a lifting of sanctions, can potentially add between 1 million to 2 million bpd on top of the gradual rise OPEC+ supply, analysts estimate.

"We have always kept in mind a return of Iranian barrels," Novak told reporters. "We need to consider this... We will jointly calculate the (supply and demand) balance."