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The decline in the global oil demand has eased to 21.5-27 million barrels per day (bpd) from 30 million bpd, Russia’s Deputy Energy Minister Pavel Sorokin said on Wednesday and added that the recovery is not expected to be fast.

Additional takeaways

“Some countries where international majors work may have difficulties with sticking to oil deal targets.”

“Canada, US may jointly cut oil output by 2.8-4 million bpd in 2020.”

“Oil inventories seen declining in third quarter.”

“Second wave of economic slowdown is not ruled out, including US trade war with China.”

Market reaction

Crude oil largely ignored these comments and the barrel of West Texas Intermediate was last seen posting small daily gains at $27.15.