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    Oil Market Could Be Rebalanced Already by July 2017 - Novak

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    Russian Energy Minister said that oil market could be rebalanced by July 2017, while the rebalancing was previously expected to happen in the second half of the year.

    MOSCOW (Sputnik) The oil market could be rebalanced by July 2017, while the rebalancing was previously expected to happen in the second half of the year, Russian Energy Minister Alexander Novak said Sunday.

    "We have earlier expected it [rebalancing] to happen in the third or fourth quarter of 2017,nowadays it possible that rebalancing will take place at the end of the first half of 2017, there are such estimates," Novak said in an interview with Rossiya 24 television channel.

    The reduction of oil production by OPEC and non-OPEC countries participating in the agreement may be higher than 1.7 million barrels per day in January, Russian Energy Minister Alexander Novak said Sunday.

    "In my opinion, the January statistics will reveal that we will even have higher [reduction rates] than 1.7 million barrels per day," Novak said in an interview with Rossiya 24 TV channel.

    He noted that currently oil output reduction was at the level of 1.5 million barrels per day. According to Novak, the overall cut in oil production of 24 countries has amounted for 1.7 million barrels per day.

    The potential of oil prices increase has not been depleted yet, the price could reach $50-60 per barrel in 2017, Russian Energy Minister Alexander Novak said Sunday.

    "Potential of prices increase has not been depleted yet… in my opinion, the price will amount for $50-60 this year," Novak said in an interview with Rossiya 24 TV channel.

    He noted that the price would largely depend on the current supply and demand equilibrating.

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