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Saturday, March 25, 2017

Novak: “freezing” of the oil will help to balance the market


Russian energy Minister Alexander Novak believes that balancing the oil market “has gone far enough”. He recalled that it lasts more than two years. In his opinion, to speed up the process would help “freeze” of oil production, which was discussed in the beginning of the year.

“We are ready, if the decision is to join,” said Novak regarding the freeze of production.

Earlier, Russia and Saudi Arabia issued a statement in which it announced the intention to jointly maintain the stability of the oil market, to monitor the situation and take necessary measures.

Read the “Russia and Saudi Arabia came to an agreement on the stabilization of oil prices

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