Russian energy min Novak speaking at the G20 conference which ends today

  • gap between supply and demand is narrowing on global oil market
  • OPEC ready to hold consultations with Russia to assess the global oil market situation
  • there is no joint position within OPEC regarding oil output cuts

Difficult to see how excessive supply can be eliminated if there's no common position on output

Meanwhile Brent crude trades at $44.76 and WTI $41.03 both just off session highs