Report: Russian energy min sees oil market, investments restoring

TOKYO, Apr 20 (PRIME) -- The world oil market is slightly growing in the long run, and the will of oil companies to invest in production is restoring, Russian Energy Minister Alexander Novak said in an interview with Japanese business daily Nikkei published on Thursday prior to his visit to Japan.

“The oil market is gradually growing in the long run,” he said, adding that the current price of about U.S. $50 per barrel “satisfies both oil producing and oil consuming countries.”

“The instability of the market is falling, and the will to invest in production is restoring,” he said, adding that the agreement between OPEC and non-OPEC countries on reduction of oil production is being implemented successfully.

He also said that the project for construction of a natural gas pipeline running from the Sakhalin Island to the Hokkaido Island is under discussion, but this is a technologically difficult issue.

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