Russia's Novak: Would rather take decision on output extension close to April

Eren Sengezer FXStreet

Russian Energy Minister Alexander Novak said that he favoured OPEC and its non-OPEC allies to make a decision on whether to extend the crude oil production curb agreement closer to the group's meeting in April next year, Russian news agency TASS reported on Friday.

Crude oil prices continued to push lower on these comments and the barrel of West Texas Intermediate was last seen trading at $56.50, erasing 2.8% on a daily basis.

"Gas condensate accounts for 7-8% of Russia's total oil production," Novak further added.

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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