The following are the most important statements made by Russian Oil Minister Alexander Novak:
- I expect global markets to rebalance in 2018.
- I did not change my forecast for Brent crude prices in 2018 between $50 to $60 per barrel.
- Ending the cut-off agreement does not necessarily mean an increase in oil supply.
- At some point, we will need to get out of the reduction agreement smoothly.
- Detailed talks on oil cuts were held as soon as the market balance appeared.
- There is a common understanding among states on how to deal with the exit.
- 2018 is the year in which oil markets are expected to balance.
- We commend our relationship with Saudi Arabia.
- Kazakhstan and the rest of the members should abide by their commitments.
- I expect global growth to slow to 1.3-1.5 million bpd in 2018 from 1.8 million bpd in 2017.
