Home Daily Blitz Saudi Arabia Responsible For Oil Market Destabilization – Russian Energy Minister
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Saudi Arabia Responsible For Oil Market Destabilization – Russian Energy Minister

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Pump jacks and pipes are seen on an oil field near Bakersfield on a foggy day, California January 17, 2015. REUTERS/Lucy Nicholson (UNITED STATES - Tags: ENERGY BUSINESS) - RTR4LTZR
Pump jacks and pipes are seen on an oil field near Bakersfield on a foggy day, California January 17, 2015. REUTERS/Lucy Nicholson (UNITED STATES - Tags: ENERGY BUSINESS) - RTR4LTZR

The following is an excerpt from rt.com | December 28, 2015 |

Saudi Arabia has destabilized the crude market while increasing its oil output by 1.5 million barrels a day, said Russia’s Energy Minister Aleksandr Novak.

"This year Saudi Arabia has ramped up production by 1.5 million barrels per day, which in fact destabilized the situation on the market," Novak told Rossiya 24 TV channel.

According to him, the balance of oil supply and demand could be achieved in 2016. Iran’s return to the global energy market could also affect oil prices, Novak added.

For more visit: rt.com

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