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Oil market not yet balanced despite rise of oil prices to $70 per barrel — energy minister

January 12, 21:37 UTC+3 MOSCOW

The Russian energy minister noted that it is too early to make forecasts about oil prices in the future

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MOSCOW, January 12. /TASS/. The Russian Energy Ministry believes that the oil market is still not balanced, despite the fact that oil prices for the first time in a long time exceeded $70 per barrel, Energy Minister Alexander Novak said on Friday.

"We see that now that the market balancing is in progress. We see a reduction of surplus, but the market is not yet balanced and we need to continue monitoring the situation in order to achieve the ultimate goal of balancing the market," Novak said.

The minister noted that the price of oil is affected by both fundamental and momentary factors, and in this regard it is too early to make forecasts about oil prices in the future.

"We need to monitor it in the longer term. Conclusions should not be made based only a short-term period," Novak added.

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