The energy Ministry hopes to resolve the situation around Qatar

© RIA Novosti / Abdulkader to Harperite fotomontaje in the West Bay of Doha, Qatar. Archival photoThe energy Ministry hopes to resolve the situation around Qatar© RIA Novosti / Abdulkader to Harperite the image Bank

The Ministry of energy hopes that the events around Qatar will be resolved, as for the oil market and international cooperation needs a stable situation in the Persian Gulf region, said in an interview with CNBC Russian energy Minister Alexander Novak.

«We believe that this conflict should be resolved by political means, and, of course, hope that the conflict in the middle East will be resolved, because, really, for the market, and for further cooperation with the Gulf need to be a stable and normalized the situation,» — said Novak.

Saudi Arabia, Bahrain, UAE and Egypt June 5, announced the severance of diplomatic relations with Qatar, accusing Doha of supporting terrorist organizations and destabilize the situation in the middle East. Arabian monarchy ceased all communication with Qatar. A number of other countries subsequently announced the severance of relations with Qatar. Doha stated that it will not take retaliatory measures.

Many oil market participants fear that the situation around Qatar may adversely affect the agreement of OPEC and other States on the reduction of oil production. However, the Minister of energy, industry and mineral resources Saudi Arabia Khalid al-falih said that, in his opinion, the situation will not affect the agreement of countries by oil production.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.