Novak expects the balance or deficit in the oil market in mid-2019

© RIA Novosti / Vladimir Fedorenkova in fotomancer of energy of Russia Alexander Novak. Archival photoNovak expects the balance or deficit in the oil market in mid-2019© RIA Novosti / Vladimir Fedorenkova the image Bank

The world oil market in mid-2019 will be in the balance of supply and demand or even lack of «black gold», said Russian energy Minister Alexander Novak.

«As for the middle of next year, I think with the growth in demand will balance the market, and perhaps even the excess of demand over supply,» said Novak reporters before the meeting of the Ministerial monitoring Committee of OPEC+.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand were in Russia. Oil production in Russia in October 2016 was $ 11,247 million barrels per day. From this level, Russia has reduced oil production by 300 thousand barrels per day, up to 10,947 million barrels per day.

The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%. We explained that in practice this will mean increasing production by 1 million barrels per day.

Novak expects the balance or deficit in the oil market in mid-2019© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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