Russia's Energy Minister: High Oil Prices Benefit No One

Monday, September 24, 2018

Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output.

"All countries should aim to reach one goal: a balance of demand and supply. High oil prices are not beneficial to anyone," Novak said in an interview recorded in Algiers where the OPEC and non-OPEC countries were meeting over the weekend.

Saudi Energy Minister Khalid al-Falih told Rossiya state TV channel separately via a translator that oil markets are 'very well balanced'. "We expect a supply surplus in 2019, maybe there will have to return to a cut," Falih said.


(Reporting by Katya Golubkova)

Categories: Finance Government Update

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