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Russia's no emergency action warranted to halt oil price decline - Novak

Gasoil News - Published on Fri, 16 Nov 2018

Image Source: Reuters UK
Reuters cited Russian Energy Minister Mr Alexander Novak as saying that long-term oil prices should be taken into consideration when any decision is taken by oil-producing countries and no emergency action to stem a decline in oil prices is warranted. He was talking as oil markets fell again on Wednesday, extending losses from a 7 per cent plunge the previous session as surging supply and the spectre of faltering demand scared off investors. Oil prices have averaged around $70 per barrel this year.

he told reporters on the sideline of an international conference in Singapore, that "The market is quite volatile today. We remember that the oil price was sharply rising in the same way, now it is going down. We have to look into long-term development, into how the price will be stabilised. It's not right for market participants to react to any one-off fluctuations."

Source :

Posted By : Joykumar Irom on Fri, 16 Nov 2018
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