It is premature to decide on extending the global deal to reduce oil production as the oil market has been rebalancing, Russian Energy Minister Alexander Novak said on Thursday, according to the ministry’s Twitter feed.
He also said that if the market struggles to reach balance, “we would discuss the option of the deal extension” after it expires after March 31.
Novak also said that the current oil price of over $54 per barrel is “optimal” for both producers and consumers and allows to make investments in the oil industry.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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