The Organization of the Petroleum Exporting Countries and other large oil producers including Russia have agreed to cut output by almost 10 million barrels per day (bpd), or 10% of global oil production, in May-June.
Additional cuts are expected from countries such as the United States, Canada, Norway and Brazil.
“However, you shouldn’t wait for a significant rise in the price of a barrel in the nearest future due to high inventories,” Novak told a ministry’s inhouse magazine published on Tuesday.
Fuel demand is down 30% globally, and storage is becoming precious, with roughly 85% of worldwide onshore storage full as of last week, data from intelligence firm Kpler showed.
The oil markets have fallen for eight of the past nine weeks.