The imbalance in the oil market gradually declining, but he can’t be reduced quickly, said the head of Ministry Alexander Novak.
ANTALYA, 16 Nov. The imbalance of supply and demand on the world oil market may be liquidated in the second half of 2016, told reporters by energy Minister Alexander Novak.
“In our view, is happening in the oil market? Now there is a gap, a gradual reduction of the imbalance between demand and supply. It was estimated that this imbalance, in 1,5-2 million barrels per day at the beginning of falling prices. Today we see that already in the USA on 500 thousand barrels fell compared with April month, in General there are other countries that are at low prices reduce production volumes,” said Novak journalists.
The Russian Minister noted that this imbalance is gradually reduced, but it cannot be reduced quickly.
“So now the prices are at a low level. In our opinion, this inertia reduction of this imbalance is 2016… Most experts agree that this is the second half of 2016, when the balance of supply and demand, this excess supply of oil that exceeds demand growth, it will be liquidated,” said Novak.