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Oil market will get balanced within current year - Russian Energy Minister

Cutting the stock is good, across the world, Alexander Novak noted
Russian Energy Minister Alexander Novak Stoyan Vasev/TASS
Russian Energy Minister Alexander Novak
© Stoyan Vasev/TASS

MUSCAT /OMAN/, January 21. /TASS/. Russia's Energy Minister hopes the international oil market would bet balanced within the current year, the market's dynamics to cut remaining stock is good now, Minister Alexander Novak told reporters on Sunday.

"Generally speaking, this year it should get balanced, when - time will show," he said. "As of now, cutting the stock is good, across the world."

According to the Russian minister, still remain high risks shale oil’s producers may build up production while the prices are that high. "There is a combination of factors, including the expenses in the sector," Novak said. "We can see the rates there are rather volatile.".