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Global crude market still unbalanced, oil output freeze may be discussed in Algeria

September 03, 2016, 9:31 UTC+3 VLADIVOSTOK

The oil market situation is still "challenging", Novak has noted

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© Stanislav Krasilnikov/ITAR-TASS

VLADIVOSTOK, September 3. /TASS/. The global crude market is still unbalanced, Russia’s Energy Minister Alexander Novak said Saturday, adding that the proposal to freeze oil output may be on the agenda of the forum in Algeria.

"We’re sticking to the view that we always have the doors open from the viewpoint of monitoring the situation (on the oil market). The market situation is still challenging… given the drop in prices the market has not got back to balance yet. That’s why I think that we will be able to discuss the current situation with our colleagues at the ministerial meeting in Algeria, which will be held on the sidelines of the international energy forum, particularly the discussion within the meeting may focus on the situation on the whole and on various proposals, including ‘freezing’," he said.

The International Energy Forum will be held on September 26-28 in Algeria, where the countries - exporters of oil are going to negotiate freezing of oil production. Venezuela, Ecuador and Kuwait are initiators of the discussion. Ministers of Saudi Arabia, Iraq and Iran have already confirmed their participation in private talks.

Russia's crude export growth outlook

Russia’s Energy Ministry is keeping its crude export growth outlook for this year at the level of 3.3%, Minister Alexander Novak told TASS Saturday, adding that growth is also expected for 2017.

"We haven’t changed (the forecast - TASS). In 2017, there will be fractional growth (of export)," he said.

Earlier Novak said that Russia’s crude export would reach 252 mln tonnes in 2016, a 3.3% increase compared with 2015.

According to First Deputy Energy Minister Aleksey Texler, oil export from Russia will be rising in 2015-2018 by 2-3 mln tonnes each year due to falling refinery volumes.

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