Date: 2 months ago   Category: Energy

Novak called uncertainty factors in the oil market — Rambler News Service


Photo: globallookpress.com of the Ministry of Energy of the Russian Federation cannot make the recommendation of expediency of extension of the agreement of OPEC and the countries which are not entering into cartel of reduction of level of oil production (the transaction of OPEC) because of a number of uncertainty in the market yet, the Minister of Energy of the Russian Federation Alexander Novak told journalists in Sochi. According to him, the situation with Iran and Venezuela and also trade wars, in particular, belong to such uncertainty. "We will look on a situation in the market, both current, and expected. As for recommendations, so far early to speak about it", - the minister told. "Duties are accepted, trade wars extend that influences expected consumption of oil. the situation with Iran, Venezuela, Libya is not clear up to the end. We up to the end do not understand how sanctions really affect relationship between the countries which work" — he explained. On December 5-7, 2018 in Vienna there took place negotiations of the countries of OPEC and the states which are not entering into cartel participating in the agreement on reduction of level of production of oil. Following the results of negotiations of the country of OPEC reached the agreement on reduction of level of production of oil since January 1, 2019 on 1.2 million barrels a day to the level of October, 2018. At the same time the countries of OPEC will reduce oil production within the transaction by 800 thousand barrels the day which is not entering into cartel of the country — in total on 400 thousand barrels a day. Russia will reduce oil production by 228 thousand barrels a day.

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