Release date: 2017/9/6
MOSCOW (Reuters) - Oil prices next year may range from $ 45-55 a barrel, Russian Energy Minister Alexander Novak said Wednesday.
"Brent, we have our forecasts and we have different estimates ... 45-55" per barrel, Novak told reporters on Wednesday.
OPEC and non-OPEC countries reached an agreement on November 30 to reduce their oil production by 1.8 million barrels a day from 2017 to 32.5 million bpd. Outside the Organization, with a total reduction of its production of oil 558 thousand barrels per day, of which 300 thousand barrels by Russia.
The agreement was concluded until the first half of the current year with the possibility of extension, and on 25 May last, the agreement was extended for an additional nine months until the end of March 2018.
The IEA also raised its forecast slightly on the growth of non-OPEC oil supply in 2017 and 2018 to increase 0.7 million barrels per day and 1.4 million bpd respectively.
The agency noted that the decline in oil prices since the beginning of the year pushed the major oil producers in the United States to reduce spending plans in 2017.