Russian Energy Minister Alexander Nowak expects oil prices to stabilize in the first six months of next year. „I believe that in the first half, thanks to the joint efforts agreed by OPEC and non-OPEC countries in December, the situation will be more stable and balanced,“ the minister said yesterday at Rossiya-24 TV.
At the beginning of December, the 15 OPEC countries and other important non-OPEC countries led by Russia agreed to reduce oil production by a combined 1.2 million barrels a day in the coming year. According to a spokesman, Russian President Vladimir Putin said he saw no immediate need to contact Saudi Arabia over falling oil prices.
Oil prices have fallen to their lowest level since the third quarter of 2017. Reason are, among other things, a global oversupply. Nowak said there were no plans for an unscheduled meeting with OPEC representatives. The fall in oil prices was due to factors such as the decline in demand during the winter break, the weakening global economy at the end of the year and the decline in the stock markets.
