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Russia sees global oil market balancing in June-July - RIA cites source

MOSCOW (Reuters) - Russia's energy ministry sees global oil demand and supply balancing in the next two months, the RIA news agency said on Monday, citing an unnamed source familiar with the minister's speech at a state council on energy.

The comments come more than two weeks before the leading oil producers hold an online conference on how to further police their joint efforts to steady a global oil market hammered by overproduction and the blow to demand in the face of the coronavirus pandemic.

The energy ministry declined to comment.

The ministry expects global oil demand to improve this month and says supply has already dropped by 14 million to 15 million barrels per day (bpd), RIA said, adding that Moscow estimates the current global surplus at between 7 milllion and 12 million barrels per day (bpd).

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The Organization of the Petroleum Exporting Countries (OPEC) and other leading oil producers including Russia - a group known as OPEC+ - agreed last month to cut their combined oil output by almost 10 million bpd, or roughly 10% of global production.

On top of that, it was expected that other large oil producers, such as the United States, Canada and Norway, could make additional cuts.

RIA said that the Russian energy ministry considers the non-OPEC+ countries to have already cut output by 3.5 million to 4 million bpd.

RIA said Russian oil production volumes were near the country's target of 8.5 million bpd for May and June.

Sources have told Reuters that OPEC and its allies want to maintain existing oil supply cuts beyond June when the OPEC+ group is due to meet next.

(Reporting by Vladimir Soldatkin; Editing by David Goodman)