Not a single country is ready now to reduce oil production - Teksler
MOSCOW. Nov 17 (Interfax) - Not a single participant on the oil market is ready now to reduce oil production to reach a balance, which was disrupted due to supply exceeding demand, Russian First Deputy Energy Minister Alexei Teksler said at the the Exploration. Production. Processing 2015 conference.
"No one is ready today to balance supply, for now no one is taking this role upon themselves, all are maintaining their market share. This differentiates the current crisis from others," he said.
"Balancing will be completed no earlier than 2017-2018, by reducing investments," he said, adding that in three to four years this may lead to an imbalance leaning towards an oil deficit.
He said that Russia also did not plan and is not planning to make any decisions aimed at balancing demand and supply on the oil market. Teksler said that production in Russia has been set at about 520 million tonnes for 20 years by the Energy Strategy. "That is, approximately the level where we are now," he said.