Tuesday, 22 October, 2019, 5:41 AM
Home Business

Russia expects oil market to stabilize by summer

Published : Wednesday, 26 December, 2018 at 5:27 PM  Count : 616

Russia expects oil market to stabilize by summer

Russia expects oil market to stabilize by summer


Russia’s Energy Minister Alexander Novak said reduced production of OPEC member-states and other oil-exporting countries agreed at a meeting in Vienna in December will stabilize the oil market by the summer.

The Russian Minister said this in an interview aired by the Rossiya-24 TV news channel on Tuesday, AFP reports.

“I think that the joint efforts agreed by OPEC and non-OPEC countries in December in Vienna will stabilize the situation, balance it in the first half (of 2019 – TASS). The demand will traditionally grow during the summer, which is why I think the market will be balanced,” he said.

OPEC+ ministers discussed the opportunity for oil output reduction in 2019 at the meeting in Vienna on December 5-7 for avoiding surplus offer of oil due to rising production in US and sanctions waivers for Iran.





The meeting ended with an arrangement to cut oil production by OPEC+ deal participants by 1.2 mln barrels per day. The ministers signed a new charter with no fixed term that will seal cooperation starting on January 1, 2019.



« PreviousNext »



Latest News
Most Read News
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone :9586651-58. Online: 9513959, Advertisement: 9513663
E-mail: info@dailyobserverbd.com, online@dailyobserverbd.com, news@dailyobserverbd.com, advertisement@dailyobserverbd.com,   [ABOUT US]     [CONTACT US]   [AD RATE]   Developed & Maintenance by i2soft