the head of the Ministry of energy Alexander Novak believes that Russia is not critical, the absence of agreements about the freezing of oil production. “We are in principle not critical. We believe that it would be possible to speed up the process of balancing the market. It is beneficial to all”,— quotes “Interfax” the Minister.
In his opinion, the rebalancing of the oil market will occur in the second half. “I think it was the second half of the year we will see a balance of supply and demand,” said Mr. Novak, adding that this should happen in the case of an agreement for the freezing of oil production.
He said that the exact date of the meeting in Algiers of the oil-producing countries to discuss measures to stabilize the market has not yet been determined. “We don’t know, honestly, when we meet. I told him 26-27 (Sep.— Kommersant),”— said the head of Ministry.
According to him, Russia has not received proposals from the oil-producing countries to reduce output. “To us nobody came out with such proposals. This, apparently, application of the individual, will have to get together soon and discuss,”— said Alexander Novak.
Recall that in early September, Russia and Saudi Arabia have agreed to host the first meeting of the working group on cooperation in the field of oil and gas. Also, the energy Ministers of the two countries plan to hold a series of meetings on the sidelines of the informal meeting of OPEC in the International energy forum in Algeria, 26-28 September.
agreed by energy Minister of Russia and Minister of energy of Saudi Arabia — in the material “Kommersant”, “Russia and OPEC to defrost frozen food.
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