Oil price could fall to $30 if global deal not extended, says Russia’s Novak
Russian Energy Minister Alexander Novak said on Monday he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal was not extended.
Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.
Saudi Energy Minister Khalid al-Falih, who was in Moscow for talks with his Russian counterpart, said steps were being taken to prevent a sharp fall in oil prices.
Also Read
-
Saudi Arabia’s al-Falih: Only Russia is still undecided on OPEC deal extension
Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend an output deal between OPEC and its ... Energy -
Al-Falih: We will do what is needed to sustain oil market stability
The Kingdom is closely monitoring developments in the oil market, which saw a high level of volatility in recent weeks, Saudi Energy Minister Khalid ... Energy -
Oil rises after OPEC+ says to keep output cuts
Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while ... Energy -
Rising OPEC, US oil output will offset gap left by Iran, Venezuela: IEA
Rising OPEC and US oil outputs will offset falling exports from Iran and Venezuela, the International Energy Agency (IEA) said on Wednesday. The ... Energy
