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Minister says current oil prices make it possible to maintain balance of demand and supply

March 29, 13:07 UTC+3 ARKHANGELSK

The 4th International Arctic Forum "Arctic - Territory of Dialogue" is held in Arkhangelsk on March 29-30

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ARKHANGELSK, March 29. /TASS/. The current level of oil prices makes it possible to maintain the balance of supply and demand on the market, and the agreements between OPEC countries and other oil exporters can level out the situation on the oil market, Russia’s Energy Minister Alexander Novak told reporters on the sidelines of the International Arctic Forum "Arctic - Territory of Dialogue".

"I would not predict oil prices because it is the market. Today, market prices are at the level that allows us to keep the balance of supply and demand on the market. But we hope that this situation will be leveled out taking into account the agreements reached between the OPEC and non-OPEC countries," the minister said

In December 2016, OPEC and Russia and another 10 non-OPEC countries signed an agreement to reduce production in the first half of 2017 in order to stabilize oil prices. The countries of the cartel pledged to remove 1.2 million barrels from the market. Russia committed to cut oil production by 0.3 million barrels per day. Since the conclusion of the agreement, the price of Brent oil has grown by almost $10 - up to $55-57 per barrel.

About the Forum

The 4th International Arctic Forum "Arctic - Territory of Dialogue" is held in Arkhangelsk on March 29-30. It is expects that about 1,500 people from Russia and other countries will attend the event.

First held in 2010, the forum is a key platform for discussing current issues relating to the socioeconomic development of Arctic regions and for developing multi-level, multilateral mechanisms for joint discovery and effective exploitation of the Arctic’s rich natural resource potential. The TASS news agency is the forum's general information partner.

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