Russian Energy Min Novak: OPEC, non-OPEC group has all tools to react in case of serious crisis

Haresh Menghani FXStreet

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.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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