"We think prices are formed on the market," said Alexander Novak, minister of energy of Russia in the interview to Bloomberg TV. He added many factors affect the quotations.
In his words, the main factor is the balance of demand and proposal.
"Production of shale oil in the US also affects the prices. In the past 1.5 years the US increased production by 1.5 mln barrels per day. It was also provided by the actions of OPEC and non OPEC states. Thus, probably we can talk also about the benefit for the US," he said.
Mohammad Barkindo, OPEC secretary general, had responded about statements of oil overcharge. He said the organization has no aims to boost the prices.
"Price is not our target. Our target is rehabilitation of stability on the market. It is in the interests of both producers and consumers," he said.
He added OPEC would continue the dialogue with US producers of shale oil.
"We have invited the American companies to take part in our seminar in June in Vienna. We have already received several confirmations," he said.
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