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Russian min still sees oil market balance by April 2018

October 04, 2017/ 13:37

Moscow. Russia still expects that the oil market will reach a balance by April 2018. Energy Minister Alexander Novak told reporters on Wednesday.

“We believe that by April 1, yes, we are not changing the forecasts yet,” he said.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May, informs Prime.

Russia does not promise to regularly overfulfill its liabilities to cut oil production and still plans to reduce it by 300,000 barrels a day, Novak said.

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