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Russian energy minister calls for smooth exit from oil output cut deal

Russian Energy Minister Alexander Novak believes big data will transform the oil industry

© Sergei Bobylev/TASS

ISTANBUL, July 10. /TASS/. A smooth exit from the agreement to reduce oil production is a reasonable solution, it can take several months, Russian Energy Minister Alexander Novak told reporters.

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Putin says global economy faces systemic challenges, no time for quarrels

"Obviously, it will take several months. With a sharp recovery of production it is clear that nothing good will happen to the market," Novak said.

"Big data with regard to energy can not only sharply reduce the cost of energy, potentially removing excess costs from producers, but also have a disruptive effect on the production and logical chains, on consumer habits," he said.

According to the minister, the industry will also be greatly influenced by digital technologies, artificial intelligence, robotics, biotechnology, materials science, infrastructure and transport technologies, energy technologies.

"In the course of its history, mankind has accumulated a colossal experience of interaction with each other, with nature, but never in history have we had the opportunity to scientifically analyze this array of repetitive sequence actions, the so-called big data. The analysis of this data will have an impact in all spheres, professions," Novak added.

Turkish stream

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Key facts about Turkish Stream project

Turkey will determine the point of land access for the Turkish Stream in the near future, Russian Energy Minister Alexander Novak told reporters.

"As for the Turkish Stream, the have discussed the need to obtain a final confirmation of the point of land access. There are no disagreements now. I think that in the near future it will be determined," he said.

Earlier, Gazprom CEO Alexey Miller said that the first underwater branch of the Turkish Stream will reach Turkey's coast in 2018, the second pipe will reach the shore in 2019.

Akkuyu NPP

Turkey will issue all permits for the Akkuyu Nuclear Power Plant (NPP) before the end of 2017, the construction will begin in 2018, he went on.

"Minister Albayrak noted that this year they will issue all final construction permits. I think that in 2018 we can already begin construction," the Russian Minister said.

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