The country’s manufacturers to stabilize production and balance the market, because the excess of supply over demand by a half million barrels per day presses on the market, said Deputy Minister of energy of the Russian Federation Alexey Teksler.
ABU DHABI, 16 Jan. Yulia Troitskaya. The possibility of reduction of volumes of extraction of oil-producing countries are excluded, only on the stabilization of production volumes, said first Deputy Minister of energy of the Russian Federation Alexey Teksler.
“No one will reduce, now the main challenge facing producers is to stabilize production, to balance the market, because the main problem — the imbalance market, the excess of supply over demand by a half million barrels per day, and the extra supply weighs on the market,” said Teksler.
Russian foreign Minister commented on the results of the meeting with the Minister of energy of the UAE Suhail al-mazrouei, which was held Saturday in the Assembly of the International renewable energy Agency.
According to Teksler, within 1-1. 5 years it is necessary to balance the market. In this case, he said, “a real rocker of the market is shale oil the US, and the real situation with the volume of extraction of shale oil in the first place will affect the rebalancing of the market.”
The interviewee recalled that since last August there is a gradual decline in oil production in the U.S., but it is not very noticeable, it reached 200 thousand barrels per day.