Russian Energy-Min Novak: Expect balance in global oil supply by mid- or end-2017

In an interview published this Wednesday, Russian energy minister Novak rules out coordinated action on Oil output with OPEC, sees exchange of information on global markets with OPEC as main topic of cooperation.

Key Quotes:

“Global Oil supply currently exceeds demand by around 1 mln bpd”

“Expect balance in global Oil supply to be achieved by mid- or end-2017, a lot depends on Saudi arabia“

“Global Oil demand to grow by at least 0.8-1 pct annually, or by 0.7 - 1.0 mln bpd, expects sluggish demand in H2“

“Oil price forecast unchanged, at between $40 and $50 per bbl average in 2016, there are risks it could be lower due to seasonality”