World market has more than 10 million barrels of excess oil

Currently, the excess oil in the world market makes up 10 million barrels per day, Deputy Energy Minister of Russia Pavel Sorokin told Roskongress Foundation.

According to him, a decline in trade inventories in case of restoration of demand and lack of strikes may start in the third quarter of 2020.

Sorokin noted that OPEC+ deal will give time to fill the tanks.