Russia's Novak: Russia does not plan to boost oil output to 12 mln bpd

Eren Sengezer FXStreet

According to Russian News Agency TASS, Russia’s Energy Minister Alexander Novak stated that they were not planning to boost the oil output to 12 million barrels per day by the end of 2018.

Crude oil prices didn't show a significant reaction to this headline and the barrel of West Texas Intermediate was last seen trading at $68, where it was down 2.15% on the day. Similarly, Brent was losing 2.55% at $78.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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