Excess global oil reserves drop by over 2-fold

Baku. 25 December. REPORT.AZ/ Global oil reserves decreased by 200 mln barrels over the past year and amounted to 140 mln barrels. 

Report informs, Russia's Energy Minister Alexander Novak said in an interview with the Russia 24 TV channel.

"Today, we are seeing the right decision when analyzing the results of agreement on production cut. Oil market stabilized, prices rup by 30% compared to last year. We observe that volatility is decreasing and investments return to the sector. Investments have increased by 5% for the first time in last 3 years. This also means that the oil industry is restored after a long crisis”, Novak said.