Oil Market Itself to Correct Situation With Low Price - Norwegian Minister

Norway's Minister of Petroleum and Energy Tord Lien said that the global oil market will level out itself the current situation of historically low oil prices.

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.

Global oil prices dropped from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, largely because of prolonged global oversupply and weak demand.

“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.