Russia’s Novak: Global glut shrunk by 350 million barrels on OPEC cuts

Russia’s energy minister Novak was quoted by Oilprice.com yesterday, as saying that over the last six months, global crude oil supply has shrunk by 350 million barrels thanks to the output-cut deal reached between the OPEC and its partners last year.

Novak also told media that the world’s reserves of crude oil and petroleum products have now declined for the first time in three years while investments in oil and gas has inched up for the first time since 2014 which could help avoid a deficit at some point in the future.