US anti-missile systems in Eastern Europe violate INF Treaty - Russian foreign ministryRussian Politics & Diplomacy April 29, 20:35
Moscow police say 250 people take part in protest rallyWorld April 29, 16:29
Abe plans to continue dialogue with Putin to solve global issuesWorld April 29, 14:50
Moscow is ready to cooperate with Washington on Syria — LavrovRussian Politics & Diplomacy April 29, 12:24
Diplomat calls US’ allegations about isolation of Russia in UN 'strange'Russian Politics & Diplomacy April 28, 20:58
Experts say Russian hackers strongly demonized in USRussian Politics & Diplomacy April 28, 20:35
Ferrari drivers clock best time in Practice Two of Russia F1 GP in SochiSport April 28, 19:54
Red Bull’s advisor Marko says Kvyat to possibly remain with Toro Rosso next yearSport April 28, 19:16
Pope Francis blesses pregnant TASS correspondent en route to EgyptWorld April 28, 18:55
MOSCOW, March 17. /TASS/. An oil market balance may be achieved in nine months after the production freeze decision is made, Russia’s Energy Minister Alexander Novak said on Wednesday.
"If such [oil production freeze] arrangements are achieved, we estimate [market] rebalancing will be reduced to somewhat from six to nine months. The balance of supply and demand and oil market stabilization might be achieved late in 2016 - early in 2017," the minister said.
At the same time, the minister predicts the average global shale oil production will drop 500-600 thousand barrels daily in 2016.
"Shale oil production will decline by at least 500-600 thousand barrels daily this year," the minister said.