Russia sees oil supply exceeding demand by 1 mln bbl\day

MOSCOW, Feb 5 (PRIME) -- International oil supply exceeds demand by at least 1 million barrels per day, and Russia sees no measures taken by other oil producing countries to decrease it, Deputy Energy Minister Kirill Molodtsov told reporters on Thursday.

“Demand is at least 1 million barrels per day less than supply. No oil producer is decreasing supply,” Molodtsov said.

United Arab Emirates Energy Minister Suhail Bin Mohammed al-Mazroui said in mid-January that the Organization of the Petroleum Exporting Countries will not decrease its oil production.

Russia’s Economy Development Ministry last week slashed its forecast for the average annual oil price in 2015 to U.S. $50 per barrel from $80 per barrel. The 2015 budget is based on an oil price at $100 per barrel, but the budget will be revised until April.

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