Novak: Balance in oil market may be extended to mid-2018

Baku. 18 October. REPORT.AZ/ Balance of demand and supply in the oil market may take some time until mid-2018.

Report informs citing the RIA Novosti, Russian Energy Minister Alexander Novak said at the Youth and Students Festival.

"We hope that the pace of decline in oil reserves will go up in the mid-2018 or in the first quarter in the oil market," Novak said. 

At present, global volumes of oil production are already increasing. This situation continues since the beginning of the year. However, as a result of the OPEC+ agreement, reserves are declining. During the signing of the agreement, the oil reserves in the past five years were $ 330 mln but now it has dropped 2 times.