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Kremlin keeps close watch on situation with oil market prices

Russia Materials 14 November 2018 17:33
The Kremlin keeps a close watch on the situation with the oil market prices, but for now refrains from any assessment
Kremlin keeps close watch on situation with oil market prices

The Kremlin keeps a close watch on the situation with the oil market prices, but for now refrains from any assessment, Russian Presidential spokesperson Dmitry Peskov told journalists on Wednesday, TASS reports.

"We are closely observing how the situation is developing on the energy markets" said Peskov, while commenting on the position of the US President Donald Trump, who called on Saudi Arabia and OPEC not to restrict oil production. "There is a certain volatility present, but the market is what it is. No other comments are possible right now."

On November 12, US President Donald Trump expressed the hope that Saudi Arabia, as well as other OPEC will not cut oil production. In his opinion, oil prices should be much lower, based on supply.

However, Saudi Arabia Energy Minister Khalid Al-Falih said at the ADIPEC conference on November 12 that it is reasonable for OPEC+ agreement participants to cut daily production of oil by 1 mln barrels from the last-month level.

"If all things remain equal, and they almost certainly will not, technical analysis from OPEC and JTC [Joint Technical Committee - TASS] tells us there will need to be a reduction in supply from October levels close to 1 million barrels per day. We’re going to be flexible, there is a consensus we need to do whatever it takes to balance market," the minister said.

Saudi Arabia expects that OPEC+ countries will reach a consensus on action in 2019 at the meeting in December, Al-Falih said. A certain decision will be made definitely, he added.

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