HOUSTON (Sputnik) — The global oil market will level out itself the current situation of historically low oil prices, Norway's Minister of Petroleum and Energy Tord Lien said at the IHS Energy CERAWeek conference in Houston, Texas.
“What is going to correct the situation first and foremost is going to be the market itself,” Lien stated on Monday. “I trust the market to fix this.”
Asked about the negotiated freeze of oil production by Russia, Organization of Petroleum Exporting Countries (OPEC) members and other countries, Tord said that Norway is conducting many talks with both producing and consuming countries, but declined to comment on any details.
On February 16, Russia, Saudi Arabia, Qatar and Venezuela held talks on the current oil market situation in the Qatari capital of Doha and agreed to proceed with an output freezing initiative if other countries followed suit. The proposal was later backed by Ecuador, Algeria, Nigeria and Oman.