Russia predicts 1m barrels a day global oil deficit

The global oil deficit is now seen at about 1 million barrels per day (bpd), Russia's deputy prime minister Alexander Novak said on Wednesday, days before the OPEC+ top negotiators are expected to meet, Reuters reports.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, is bringing back 2.1 million bpd of oil production through July, easing cuts to 5.8 million bpd. Their 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 on Wednesday. "We need to consider this... We will jointly calculate the (supply and demand) balance."

Iran's government spokesman Ali Rabiei said he was optimistic Tehran would reach agreement soon, although Iran's top negotiator said serious issues remained.