Russian energy Minister Alexander Novak expects Oil prices to stabilise in the first six months of the coming year. “I believe that in the first half, thanks to the joint efforts of the Opec and Non-Opec countries in December, it had agreed that the Situation is stable and balanced,” the Minister said this Tuesday in the channel Rossiya-24 TV.
The 15 Opec Nations, as well as other important Non-Opec countries, under the leadership of Russia had agreed in early December to reduce in the coming year the Oil production by 1.2 million barrels per day. Russian President Vladimir Putin said, according to a spokesman, he did not see any immediate need to make contact with Saudi Arabia because of falling Oil prices.
The Oil prices are at the lowest level had fallen in the third quarter of 2017. Novak said there are no plans for an unscheduled Meeting with Opec representatives. The fall of the Oil prices of factors, such as the decline in demand in the winter break, Weaken the world economy to the end of the year, and the Yield of the stock markets.