Oil demand recovers 20% in May

Oil demand remains at extremely low levels, but managed a 20 percent recovery from April's record-low levels, according to the Russian Energy Minister Alexander Novak. He reported that the country is currently running an oil surplus of 7-12 million barrels per day expressed confidence that a rebalancing would take place when growth returns in the months of June and July. “Despite the grave situation, industry continues working. We also see that gasoline prices remain flat thus far this year while diesel fuel prices increased by just 1.5 percent,” added Novak.