Comments from Russian oil minister Alexander Novak in Athens:
– Oil market rebalancing factors start to work
– There are plans for Russian and Saudi officials to meet in June as part of G20
The final comment is a bit cryptic but there are still many market watchers out there who think an output freeze will happen once Iran gets on board. Unless oil sinks back into the $20s or low $30s, I don’t even think the question is on the table.