Russia states that OPEC + prioritizes medium-term strategy over more US oil demands

MOSCOW-Russia’s Deputy Prime Minister, Alexander Novak said OPEC + will not respond to requests for increased oil production from China and the United States. 
Transneft pipeline. (Photo by Reuters).

In an interview with state-run RBC media, Novak said the requirement did not fit his long-term vision, and mining companies “need to understand in advance which investments to plan to ensure increased production. There is. “

“We believe it is correct for the market to show in the medium term how to increase production in response to increasing demand.Productions need to know in advance which investments they need to plan to ensure increased production,” said and He pointed out that the group cannot always provide fluctuations in production. 

Novak said, oil reserves released by the United States and other major consumers will have a limited short-term impact on the oil market. 

The minister predicted that oil would trade between $ 65 and $ 80 per barrel next year.

“Global oil demand has been seen to increase by about 4 million barrels (bpd) per day next year, after an increase of up to 5 million barrels / day this year,"said.

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