MOSCOW (Sputnik) – Energy Minister Alexander Novak is expected to lead the Russian delegation at the September 26-28 International Energy Forum (IEF) in Algiers, Algeria, where OPEC and non-OPEC countries will renew talks on a possible oil output freeze.
"There is the possibility that there'll be an increase in oil production as a result of shale oil and then the prices will fall again," Siluanov said in an interview with CNBC, a US cable business news broadcaster.
The minister called Russia's budgeted $40 per barrel oil price estimate for 2017-19 "conservative."
"In our view, this is a balanced price at the moment. It's a price at which the oil producers, especially shale oil producers, are at their capacity levels at the moment," he said.
