Russia's Novak: oil oversupply in next few months seasonally driven

FILE PHOTO: Russian Energy Minister Alexander Novak attends a session of the Russian Energy Week international forum in Moscow, Russia October 3, 2018. REUTERS/Sergei Karpukhin - Copyright SERGEI KARPUKHIN(Reuters)

By Reuters

Published on 11/11/2018 - 15:04•Updated 30/04/2024 - 07:10

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ABU DHABI (Reuters) - Russia signalled on Sunday it did not believe the oil market would face serious oversupply next year, a view that differs from that of OPEC producer Saudi Arabia.

Russian energy minister Alexander Novak told reporters the market might face a certain seasonal oversupply in the next few months but by mid-2019 it should be balanced and demand may even exceed supply.

Saudi Arabian energy minister Khalid al Falih has said OPEC may need to reduce production as oil markets could return to oversupply next year.

(Reporting by Dmitry Zhdannikov; editing by Jason Neely)

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