Russian PM says sanctions are not worth loss they cause for businessBusiness & Economy December 09, 18:24
Roscosmos praises contribution of US astronaut John Glenn to world cosmonauticsScience & Space December 09, 18:19
Russian Sports Ministry urges investigation into facts stated in McLaren reportSport December 09, 18:13
WADA says RUSADA must demonstrate 'independence from outside interference'Sport December 09, 18:03
Russian PM says Nord Stream-2 project benefits all participantsRussian Politics & Diplomacy December 09, 18:00
Russian premier says Rosneft stake sale is 'largest deal' in 2016Business & Economy December 09, 17:38
IPC says full findings of McLaren report unprecedented, astonishingSport December 09, 17:05
General Staff: Syrian army takes control of 93% of Aleppo’s territoryMilitary & Defense December 09, 17:04
Sakhalin Energy becomes most environmentally responsible oil and gas company in RussiaBusiness & Economy December 09, 16:55
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.
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.
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.
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.