Russian Energy Minister Alexander Novak accused the leadership of Saudi Arabia to destabilize the oil market. In 2015, it increased its production by 1.5 million barrels per day. Today, therefore, the market supply exceeds demand. Also, Mr. Nowak said that he considered a fair price of $ 50 per barrel and does not expect the fall of its price to $ 20-25.
Russian Energy Minister Alexander Novak accused the leadership of Saudi Arabia to destabilize the oil market. As he said the official in an interview with television channel "Russia 24", in 2015 it increased its production by 1.5 million barrels per day. Today, therefore, the market supply exceeds demand. Nevertheless, Mr. Nowok did not rule out that next year the situation may change.
"The curve of supply and demand, according to experts, can come together in the second half of 2016, which will balance the market. Although it is possible that will be affected by such factors as the new production in Iran, a new production in countries such as Saudi Arabia, which has increased by 1.5 million barrels per day in production this year, thereby destabilizing the situation in effect at market », & mdash; the minister said.
The head of the Energy Ministry said that his office offered to oil companies to prepare a stress scenario with the oil price of $ 30 per barrel. He added that Russia was the first time in 6 years' export of oil. "Oil exports increased from 221.3 million tonnes to 238 million tonnes of domestic processing have this year is less decreased by 7 million tons -. 289 to 282 million tons, but the volume of oil production higher as increased depth of processing" - said Alexander Novak.
He said he did not expect the fall in oil prices to $ 20-25 per barrel, the minister said the fair price of $ 50. "I do not think the price will drop to $ 25- $ 20 per barrel, as it will be a shock to the market price. It is unlikely that prices will rise strongly. Valid today, in my opinion, would be the price in the region of 50, based on the economic parameters, supply and demand balance and the cost of oil production ", - said the official.
"Low oil prices will"
The head of Russian Ministry of Finance Anton Siluanov, speaking in mid-December at a meeting in Kazan, said that the oil price in 2016 ofy will drop to $ 30 per barrel. "Everything indicates that low oil prices are likely to dominate next year. And it is possible that some periods it will be $ 30 per barrel. "