Russian energy minister, Alexander Novak does not expect oil prices to rise much in near future because of very high global inventories.
This despite of OPEC+ oil cut that will come into force from May 1st.
In all likelihood the earliest the oil market could begin to balance will be in the second half of this year.
China is already showing signs of recovering economic activity and we hope that other economies could see positive developments in a few months, too, Novak said, but warned:
Source: Oil Price.Com