Novak told me the reason of destabilization of the oil market

Novak told me the reason of destabilization of the oil market


Energy Minister Alexander Novak said that increasing volumes of oil production, Saudi Arabia would destabilize the situation in the market. However, according to the Minister, in 2016 the situation will stabilize.

MOSCOW, 28 Dec –. Saudi Arabia destabilized the situation in the oil market by increasing production by 1.5 million barrels per day, said Minister of energy Alexander Novak on the air of “Russia 24”, “Vesti”.

However, according to the Minister, in the near future the oil market can be restored. “The curve of supply and demand, according to experts, can come together in the second half of 2016, which will balance the market,” he said, noting that production of Iranian oil can also have a serious impact on the situation.

Novak said that as soon as restrictions are removed, Russia plans to raise export to desanctions level.

At the end of December it became known that Iran plans to start oil shipments following the lifting of sanctions not depending on the dynamics of prices. Next year Iran could increase oil supplies on the world at 2 million barrels a day.