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World oil prices

Russian official says oil market imbalance caused by lack of transparency

According to Arkady Dvorkovich, "the policy of certain countries regarding diversification of energy sources aimed at supporting local production is sometimes implemented inefficiently"

© Viktor Drachev/TASS

MOSCOW, April 20. /TASS/. The oil market is not transparent enough, which leads to the demand-supply mismatch, Russia’s Deputy Prime Minister Arkady Dvorkovich said Wednesday.

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Results of talks in Doha should not be called "failure" — Russian energy minister

"The policy of certain countries regarding diversification of energy sources aimed at supporting local production is sometimes implemented inefficiently as it creates extra costs for consumers and changes the oil and gas market balance. From our viewpoint, the situation is not transparent enough as not the whole information is provided to consumers," he said.

Earlier Russia’s Energy Minister Alexander Novak said the global crude market would stabilize by mid-2017.

On April 17, representatives of 18 oil-producing countries met in Doha (Qatar) to discuss oil price stabilization and crude production freeze at current levels. The participants of the talks failed to reach an agreement on oil production cap. After 12 hours of talks the parties said they needed some more time for consideration.

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