Russia’s Energy Minister Alexander Novak crossed the wires in the last hour, via Reuters, saying that there were no plans to raise oil production due to oversupply in the market. Novak further added that they have not yet discussed the oil market situation with Saudi Arabia, albeit did not rule out the possibility.
The comments failed to provide any meaningful impetus to oil prices, which held on to the strong daily gains of over 9%. The strong recovery comes on the back of the US President Donald Trump’s optimistic comments over a deal between Saudi Arabia and Russia, which will mark the end of the recent price war.
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