February 13, 2018 / 11:29 AM / in 3 months

Russia's Novak says global oil inventories shrinking despite hike in U.S. output

MOSCOW (Reuters) - Global oil stockpiles have been on the decline despite a production boost in the United States, Russian Energy Minister Alexander Novak said on Tuesday.

He also said that the average oil price for this year is expected at close to $60 per barrel.

Reporting by Oksana Kobzeva; writing by Vladimir Soldatkin; Editing by Polina Ivanova

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