February 20, 2016, 13:45 | Ministry of Energy of the Russian Federation | Novak | Oil production
If oil-producing countries agreed to freeze oil production will be reached, it will take at least 1.3 million barrels per day from the market. This was stated in the program “Vesti on Saturday” Russian Energy Minister Alexander Novak.
“I believe that we have a common position has been worked out (at the meeting of February 16 – Ed.). We looked at various options, including the option to do nothing, and a reduction in production volumes, and an option that we offered in the past offered – saving production at current levels … And if the market will not be additional suggestions given, then here is the imbalance and overproduction reduced by at least 1.3 million barrels per day “- he said
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According to Minister of Energy, the country that supported the freezing of oil “exports 75% of the total volume of this energy source, it is enough to agree.
The Minister also stressed that all oil-exporting countries will maintain its market share at the production stabilization, if the market supply will not increase.
“Of course. Because if the market supply does not increase, the share of each country exporters will be the one that was, “- said he was responding to a question whether Russia’s oil share will remain in the global market when deciding to stabilize at the level of January 2016 production.
February 16 Novak and oil ministers of Saudi Arabia, Qatar, Venezuela, OPEC, discussed the possibilities for improving the price situation on the oil market. The sides expressed willingness to maintain an average in 2016 at the level of January, the oil if the other oil-producing countries will join this initiative. on February 17 in Tehran held talks Iran’s oil minister, Venezuela, Iraq and Qatar, which discussed the possibility of “freezing” the level of oil production. At the same time, Iran’s position is that the country should regain the market share lost during the years of sanctions.
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