Novak: the oil market will be able to balance in 2018


Новак: рынок нефти сможет сбалансироваться уже в 2018 году

The Ministers of the monitoring Committee of OPEC plus gathered at the seventh meeting in Oman. On the agenda the situation in the oil market.

As told Russian energy Minister Alexander Novak, the country-participants of the transaction discussed the situation in the market, and also confirmed that agreements are fulfilled above 100 percent, transfers TV channel “Russia 24”.

“We also discussed bilateral relations in the energy sector. As you know, we had a road map was signed between Russia and Saudi Arabia about the implementation of about 30 projects and we, that is, synchronized our watches and agreed that in February we will hold a separate meeting in order for each project to see the performance” — said Novak.

He also noted that the international oil market will be balanced in the current year, the market has shown encouraging signs of reducing residues of oil reserves, reports TASS.

In turn, the head of the Ministry of energy, industry and mineral resources of Saudi Arabia, Khaled al-falih noted that the main goal of OPEC is the “market stability through management of its inventory, supply, and also by controlling supply and demand”.

“The proposal will be higher and stocks will rise. And we find ourselves where there were in 2014,” he added.

Meanwhile, oil Minister of the UAE Suhail al-mazroui added that the market is still oversaturated. And OPEC countries will fight it.

“We expect that we will be able to affect the entire market, I can’t say exactly when we will start, but we believe that the agreement shall be in effect for the entire year 2018,” he said.


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