Date: 4 weeks ago   Category: Energy

Novak announced increase in demand for the Russian oil against the background of sanctions of the USA against Venezuela — Rambler News Service


Photo: globallookpress.com/Joel Angel Juarez Demand for the Russian Urals oil in the world grew against the background of sanctions of the USA against Venezuela and Iran, the Minister of Energy of the Russian Federation Alexander Novak in an interview to the Asharq al Awsat newspaper reported. "Sanctions and other geopolitical factors already led to the fact that the oil processing sector suffers a shortage of the heavy oil which is earlier imported from Venezuela, and partly Iran – especially this problem is relevant for the USA. It is hard to say for whose account deliveries of heavy grades of oil will be restored, but their deficiency is confirmed by the positive awards Urals and the growing WTI discounts to Brent" — he noted. The minister noted that only in the second half of the year 2019 it will become clear at what level production and export of Iran is stabilized. Also, according to him, not clear is a situation with production in Venezuela, at this Ministry of Energy of the Russian Federation expects growth of production in the USA in the III-IV quarters 2019. Answering a question as statements of the U.S. President Donald Trump concerning oil production and the prices of it affect the market, Novak noted that influence of any statements has limited and temporary effect on the market. "First of all, the markets are affected by a fundamental factor - it is balance of supply and demand... Today we see in the market more or less quiet, stable situation, low volatility and more or less reasonable prices which suit both exporters, and consumers" — he concluded.

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