Russia’s Novak: Relations between Russia & OPEC constructive, based on trust - RT

Dhwani Mehta FXStreet

In an interview with RT on Thursday, the Russian Energy Minister Alexander Novak backed the decision made by the OPEC and non-OPEC producers to extend their oil production cuts until the end of 2018.

Key Quotes:

The decision comes as a “result of respective joint actions for balancing the market and removing the oil surplus accumulated over the years when crude prices were high.”

Russia backs the decisions and has built a very constructive business relationship with OPEC, “and I would even say based on trust.”

Novak said compliance was over 100%, “That’s why today we see that our [OPEC and non-OPEC] cooperation helps not only working to balance the oil market but also to develop bilateral relations.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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