Oil market imbalance due to lack of transparency – Russia

The oil market is not transparent enough, which leads to the demand-supply mismatch, Tass news agency quoted Russia’s Deputy Prime Minister Arkady Dvorkovich as saying.

“The policy of certain countries regarding diversification of energy sources aimed at supporting local production is sometimes implemented inefficiently as it creates extra costs for consumers and changes the oil and gas market balance,” Dvorkovich said, according to a report on the Tass website.

“From our viewpoint, the situation is not transparent enough as not the whole information is provided to consumers,” he added.

Earlier, Russia’s Energy Minister Alexander Novak said the global crude market would stabilise by mid-2017.

Representatives of 18 oil-producing countries met in Doha last week to discuss oil price stabilization and crude production freeze at current levels, but failed to reach an agreement on production cap.

 

 

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