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Date: 9 months ago   Category: Finances

Novak: price of oil can rise up to 100 dollars — such risk is


Whether Russia and Saudi Arabia will increase level of production of oil? Whether Russia will assist Iran in the form of purchase of "black gold"? These questions in an interview of Business FM were answered by the Energy Minister Alexander Novak. Photo: Alexander Shcherbak / TASS the Minister of Energy of the Russian Federation Alexander Novak has given Business FM interview within "The Russian power week". The editor-in-chief of radio station Ilya Kopelevich talked to him. About prices of oil and about the Iranian sanctions One of the most discussed subjects in the world economic press — whether Russia and Saudi Arabia will increase level of production of oil? If isn't present whether oil will cost more than 100 dollars? Alexander Novak: First, I want to tell that we already increase production: both Russia, and Saudi Arabia. Russia has increased production on 400 thousand barrels concerning the level which was in April, in May of this year, that is we have restored the reduced volume of 300 thousand, and in addition in September 100 thousand more were over October, 2016. Saudi Arabia has restored partially production too. While there are no statistical data yet, they appear usually at the end of the month, but nevertheless the minister of Saudi Arabia said that in September there was also a gain. All this occurs, naturally, not spontaneously, and taking into account those decisions which have been made in June at a ministerial meeting in Vienna. There the decision has been made: to the countries entering into OPEC and not in OPEC, totally to increase production volume by one million barrels a day therefore we act strictly according to the reached agreements to come to the level of performance of obligations of 100%. But it doesn't resolve an issue of reduction of deliveries from Iran in case sanctions begin to work as the USA hopes. Alexander Novak: First, we need to wait for the final decisions concerning Iran from administration of the United States of America. Then it will be possible to understand a situation in the market more definitely. Anyway we have all necessary tools and mechanisms to provide balance of the market within the agreement signed in December, 2016. 24 countries which have signed the declaration on cooperation will aspire to that the market has been balanced. There are for this purpose also free production capacities: and in Saudi Arabia, and in the Russian Federation, and in some other countries which are the exporters of oil largest today in the market. But besides such decisions can't be made spontaneously. Today we can't and shouldn't make decisions that it [is necessary] to increase production, proceeding from some assumptions. We have to understand how there will be a situation in the market because there is a lot of factors of uncertainty. Not only Iran, but also that production which is carried out in the countries of North Africa, Venezuela, Latin America today. We have to understand how the situation will develop there. For today we see that Venezuela has very seriously fallen on production volumes — about 700 thousand barrels have made reduction

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