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Stocks reduction on market will lead to oil price growth — Russian Energy Ministry

February 17, 17:42 UTC+3
The parity oil price is over $40 a barrel, somewhat about $50, Russia’s Deputy Energy Minister Kirill Molodtsov says
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© Maxim Slutskiy/TASS

MOSCOW, February 17. /TASS/. Stocks decline on the market will lead to oil price growth and the fair level is $40-50 a barrel, Russia’s Deputy Energy Minister Kirill Molodtsov told TASS on Wednesday.

"The parity oil price is over $40 a barrel, somewhat about [$] 50. This is the price actually justified by the market and not by futures or the room for speculation. The price will grow as soon as the commodity production will finally start influencing, when consumption and free offer stocks will decline, let us say, by less than 1.5 mln barrels daily," the official said.

It was reported earlier Russian Energy Minister Alexander Novak participated in the meeting with representatives of OPEC member-states. Russia, Saudi Arabia, Qatar and Venezuela said after talks in Doha they are ready to maintain oil production at January 2016 level throughout the year if other oil producing nations join this initiative.

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