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World oil prices

Russia’s energy minister blames Saudi Arabia for destabilized oil market

According to Alexander Novak, Saudi Arabia increased its oil production by 1.5 mln barrels per day

© Ruslan Shamukov/ITAR-TASS

MOSCOW, December 28. /TASS/. Saudi Arabia has destabilized oil market by increasing its oil output by 1.5 mln barrels per day, Russia’s Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel.

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"This year Saudi Arabia has ramped up production by 1.5 mln barrels per day, which in fact destabilized the situation on the market," - he said.

"According to experts’ estimates, demand-and-supply curves may coincide in the second half of 2016, which will balance the market," - Novak said.

He added that such a factor as "new production in Iran" may affect the market.

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