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Moscow: OPEC is ready to hold consultations with Russia to discuss the situation of the oil market
November 18, 2015 0
Russian Energy Minister Alexander Novak announced that the "OPEC" is ready to hold consultations with Russia in order to assess the situation in the oil market, alluding to the lack of a common position within the "OPEC" to reduce oil production.
Novak told reporters that average world oil prices will stabilize at a level of 50 to 60 dollars per barrel in the medium term.
Novak predicted that the gap is narrowing between global supply and demand for oil gradually, adding that he can get rid of excess supply in the second half of next year.
Experiencing "OPEC" divisions about its policy on the issue of reducing production to support oil prices, which have fallen by more than half since the middle of last year, as Algeria, Iran and Venezuela proposes to support the markets by cutting crude production. While Saudi Arabia, represented by the support strategy to maintain production levels to defend market share rather than reduce them to support prices.
And Saudi Arabia has led the change in strategy supported by members of other rich Gulf relatively last year, but other countries such as Venezuela, Iran and Algeria have continued to call for reservations and to reduce production.
Novak also predicted that the production of Russia, one of the largest oil producers in the world, from oil 533 million tons in the current year.
It is noteworthy here that Russia's production of crude during the first ten months of this year amounted to about 443 million tons, up by 1.3% compared to the same period in the previous year. And Russia's oil production record read at 526.8 million tons in 2014.
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