Date: 6 months ago   Category: Energy

Novak: price of oil in $100 for barrel won't reflect balance of supply and demand — Rambler News Service


Price of oil in $100 for barrel won't reflect balance of supply and demand in the market, the Minister of Energy of the Russian Federation Alexander Novak considers. "This price won't reflect balance between producers and consumers" — he has told journalists. Novak has added that balancing of the market can be reached at the price of $70-80 for barrel. The minister has noted that now the agreement on reduction of oil production between OPEC and the countries (the transaction of OPEC) which aren't entering into cartel is carried out for 129%. Thus, the countries of OPEC have potential to increase production this year by about 500 thousand barrels a day (before 100% execution of the transaction). In particular, Saudi Arabia, the UAE, Kuwait and Russia in addition can increase production. According to him, since the beginning of July have increased oil production of 12 of 24 countries of OPEC

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