At the current price of oil is no reason to reduce or freeze production of oil. This was stated on Friday, June 17, Minister of energy Alexander Novak at the St. Petersburg international economic forum, reports TASS.
“I think the price is pretty comfortable for now in the oil markets, there is no reason to reduce or freeze production,” — said Novak. According to him, it will take at least one year before the balance of supply and demand will be fundamental.
The oil in the next at least 20 years will remain the main source of energy on the planet, says Novak. He noted that, this trend will only expand, because black gold is a source for the production of petrochemicals, plastics and consumer goods.
Earlier on 17 June, Finance Minister Anton Siluanov urged to stop guessing how much oil will cost in the coming days and focus on the price 40-50 dollars.
In early 2016, Russia expressed its readiness to suspend the production at the level of January-February to stabilize prices on the world market. However, at the meeting of representatives of the leading oil powers in April with the participation of Russia and members of OPEC to agree on this and failed.
The deal did not materialize due to the fact that Saudi Arabia refused to sign any documents without the participation of Iran: representatives of the Islamic Republic in Doha arrived.
