Moscow, January 14 (reporter Lai Yi reported: Russian finance minister Anton west ismael's local time, 13, said in recent period of time, if you don't cut the world oil production, oil prices will continue to decline. "At present, to maintain oil market supply and demand balance. No country is willing to reduce oil production, oil prices will continue to fall."
Russia's deputy finance minister, said the heat, low oil prices should not lead to oil production in Russia. Iran to return to the oil market will greatly improve the supply of oil on the world market, so the Middle East countries need more production on a large scale. The thermal stress, lower the cost of extracting oil Saudi Arabia and Russia, is not for sell oil loss, damaged is the low level of petroleum exploration and production, high cost of the country. At present, the oil market is in a stage of "clearing", the excess oil production will bring pressure on some countries.
"Oil prices continued to decline, some producers will have to cut production. Such as Canada, local prices only $15 to $20 a barrel, so the high cost of burnt sand oil should be cut." The hot thought, some supplier's exit will mediate between supply and demand relations, stable oil market. "Oil prices downward trend will continue for 12 months, we must be prepared for the oil prices fell to $25 a barrel, through the most difficult period in 2016."
In the face of a drop in oil prices, the west had said, a Russian state-owned enterprises need under the new economic situation to adjust the budget. Unlike the private sector, state-owned enterprises is difficult to adapt to the new economic situation. In addition, each department shall be submitted to the ministry of finance to cut 10% of the budget plan. "Our present task is to budget docking with the realistic condition, otherwise the tragedy of the 1998 to 1999 May be repeated."