Mubasher: Oil prices could drop in winter due to market volatility, Russian energy minister Alexander Novak said during a recent interview.
It is hard to forecast supply on the market due to contingencies that emerge, Alexander Novak told Russian News Agency (TASS), adding that the risk of cheaper oil prices remains.
Balance between supply and demand of oil will be achieved only in 2017, Novak added.
“We expect that global demand will rise by 1.1 to 1.3 million barrels per day compared to the last year.”
The minister also said that discussion of the oil production freeze is not on the agenda of his coming meeting with his Algerian counterpart.
The OPEC Countries will hold informal talks in Algeria on 26 September, and is scheduled to meet officially in Vienna in November.
