Hoeven: we need OPEC to reduce oil production to stabilize prices

Hoeven: we need OPEC to reduce oil production to stabilize prices


The decision to reduce OPEC production will help to equalize the demand for and supply of suffering from an overabundance of raw oil market, said U.S. Senator John Hoeven.

WASHINGTON, 29 Jan. The reduction in oil production by OPEC countries will contribute to the stabilization of prices in the world, said U.S. Senator John Hoeven (John Hoeven).

“It would be useful, because I think you will see some of the responses in prices,” Hoeven said the Agency Sputnik. The politician said that the decision to lower oil production by OPEC countries would help to “align supply and demand throughout the world, and then we can see some stabilization of prices.”

December 18, 2015 President Barack Obama signed the draft budget of the U.S. at 1.1 trillion dollars, the document includes a ban on the export of crude oil, which operated last 40 years.

On Thursday the head of the Ministry of energy of Russia Alexander Novak said that Russia is ready to meet with OPEC and other oil producers in February on the issue of oil prices and the coordination of possible decrease of production. At the same time, OPEC said that such meeting is not yet scheduled.