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World oil prices

Russia’s Energy Ministry has no facts confirming US influence on talks in Doha

The fall in crude prices reached 7% early on Monday following the failure of oil-producing nations to reach an agreement on oil production freeze at the meeting in Doha

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Russian energy minister: Door for talks on oil production freeze remains open

MOSCOW, April 18. /TASS/. Russia’s Energy Ministry has no information about the US influence on talks in Doha, Energy Minister Alexander Novak said in in an interview with Russia’s NTV channel.

"We don’t have facts confirming what you are talking about at our disposal," he said when asked about the influence of "US and Saudi trace" in the talks.

Novak said that he welcomes participation in talks on the "freeze" of oil production by al large exporters.

"But it is difficult to ensure because every country has its stance," the minister said.

Oil price at $40 per barrel reflects real market situation

According to the minister, the price of oil at $40 per barrel reflects the real picture of the market.

"We believe that the price, which has been up to now and which is at the level of approximately $40 reflects the real picture, and I think that it was quite comfortable for both producers and consumers in conditions of oversupply, " he said adding that it is hard to say how the market will react in the near future.

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Novak said that the price of oil, which was at the time of the Doha negotiations, took into account the possibility of an agreement on "freeze" of oil production. But the ministry does not expect high volatility on the market following the results of the meeting, he added.

"Anyway, the fundamental factors that affect the price and the mood of the market have been playing their role for several months already," said Novak.

Novak admitted that speculators may become more active on the oil market after Doha negotiations where no production freeze agreement was reached.

"Certainly, risks of speculators’ play on the market decline when understandings and agreements are in place. In my opinion, lack of such agreements definitely creates the said opportunities. Let’s look on how this situation develops," Novak said.

The fall in crude prices reached 7% early on Monday following the failure of oil-producing nations to reach an agreement on oil production freeze at the meeting in Doha (Qatar) on Sunday.

Russia’s proven oil reserves to last out two decades

The official also dwelled upon Russia's oil reserves.

"As of now our (oil) reserves are sufficient for over 20 years," he said, adding that "resources for geological exploration are the key issue." "In this respect the price, which is being formed on the market, have to contain a certain margin for geological exploration," the Minister said.

According to Novak, Russia is facing an expanded replacement of reserves as last year reserves increased by 720 mln tonnes amid production at 534 mln tonnes.

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