Saudi Arabia does not currently see the need for “substantial interference” in the situation in the oil market for the sake of stabilizing or raising prices, said in an interview with Reuters, oil Minister of the Kingdom, Khaled al-falih.

“The market is moving in the right direction, and demand miraculously increases,” – said al-falih, to APR head gosudarstvennoy oil company of Saudi Arabia Saudi Aramco. However, stated the Minister, if freezing takes place, it will be “positive”.

However, he explained, at this time the specific discussions about the possibility of freezing of oil production and the specific production among OPEC members were not.

Earlier it was reported that a deal for the joint fixing of production volumes of the OPEC countries can be discussed at the energy summit in Algiers on September 26-27.
A previous attempt to conclude an agreement with the part including Russia fell in April. Then the Saudi delegation refused to sign already agreed upon the document requiring the connection of Iran.

Saudi Arabia decided to increase production in the summer. In June and July Saudi Aramco for two months in a row overlaps the historical records of production (10,673 million barrels in July). In August, Saudi production will be even higher, Reuters said industry sources.

In a report published on 10 August, it is argued that in the third quarter of 2016, the oil market reached a balance: July supply and demand equal for the first time in two years. However, experts believe the cartel at the end of the year and the beginning of the next seasonal decline in demand will once again return to the notorious excess.

For complete elimination of OPEC and non-cartel countries would maintain current production levels, and world demand to add approximately 1.1 million barrels per day.

Saudi Arabia sees no need to freeze production for the sake of increasing oil prices 01.09.2016

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