Russian Energy Minister Alexander Novak was out with his comments on the current situation in the oil market, saying that global oil markets are quite volatile and long-term oil price should be taken into account when any action is taken.
Key quotes:
• OPEC/non-OPEC group has all tools to react in case of serious crisis.
• No decision yet about oil production, market uncertainty should be studied.
• Global oil market may see seasonal oil supply in winter.
• Dollar rate, the economic slump in Venezuela, other oil-producing countries should be taken into consideration.
• There are many uncertainties over sanctions against Iran.
• We and the market still don't understand in full how and if the importing countries cut Iranian oil purchases.
• Russia has been cutting oil production in November by 20,000 bpd from October so far.
• Russian oil production in November seen unchanged from October, or could be a bit lower.
• Russia does not put downward pressure on oil prices.
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