Russia’s role in oil market is providing the basic reliability of supplies but not its balancing – Ministry of Energy

​Russia’s role in the oil market is providing the basic reliability of supplies, the first deputy Minister of Energy, A. Texler, said.

In general we see Russia’s role is not in balancing the hydrocarbons market but in providing their reliable basic offer, both in the market of Europe and APR, he said.

The dynamics of extraction in the USA and OPEC countries is of particular importance for the oil market. They are responsible for a sharp growth of oil offer in the world market in 2014-2015 that led to the oil price fall, Texler said.

He added that the Government of Russia didn’t and doesn’t plan to take special measures connected with the reduction of oil price, to keep stability in the oil and gas sector.

The strategy of the Government is based on fundamental factor, he said.