The balance of supply and demand in the oil market will only be achieved by the end of 2017. As reported on Sunday, may 29, TASS, this forecast was made by Russian energy Minister Alexander Novak, speaking at the forum “doing Finance”.
According to him, the market recovery has already begun. “According to our forecasts and estimates of experts in the second, third, fourth quarters of the supply of oil will be below the level of 2015. And only by the end of 2016, we will again reach the level of supply in 2015,” — said the head of Ministry.
As noted by Novak, the share of oil in global economy in 2040 will be reduced from 32 to 26 percent. The Minister also suggested that by this time some will increase the share of gas, because the gas as ecological raw materials will be used more worldwide.
In the beginning of the year oil prices fell to below $ 30 per barrel. Russia tried to initiate an agreement between the oil producing countries within OPEC and outside the cartel to freeze production at current levels. Moscow’s position was supported by the oil-producing States of Latin America. To enter the contract, Novak convened the representatives of the countries-oil exporters at a meeting in the Qatari capital Doha. However, in April the meeting was not a success because it has ignored Iran, without which the agreement was meaningless.
