MOSCOW (Sputnik) — The comment comes ahead of an expected informal Organization of the Petroleum Exporting Countries (OPEC) meeting with non-OPEC oil producing countries on the sidelines of the International Energy Forum (IEF) on September 26-28 in Algeria.
"Everything will depend on demand, supply and on the economic situation in oil consuming countries. All of this must be analyzed. I predict that next year should already see restored demand…I think we will see a balance between demand and supply in the second half of the year…maybe even due to market forces [alone]," Novak told reporters.
Oil producers are likely to discuss freezing or reducing oil output in order to stem the glut in global oil supply that has caused prices to plummet.
The exact date of the OPEC meeting remains undetermined, Novak added.
"We honestly do not know when we will meet. I offered the dates of [September] 26-27," he said.
