Russian Energy Minister Alexander Novak’s comments come in the wake of crude oil prices falling by more than a third this quarter.
With the price of crude falling by more than a third this quarter, Russia’s Energy Minister Alexander Novak opined, oil prices are likely to be more stable in 2019.
Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC oil producers led by Russia agreed to slash their combined crude output by 1.2 million barrels per day from January 2019 so as to stem the fall of oil prices.
“I think that during the first half, due to joint efforts, which were confirmed by the OPEC and non-OPEC countries this December, the situation will be more stable, more balanced,” said Novak in an interview to Rossiya-24 TV.
He went on to add, “there were no proposals for an extraordinary meeting with OPEC”; he has attributed the fall of oil prices to macroeconomic factors.
“Those are the fundamental factors: the decrease of demand in winter and, of course, the macro economy as we’ve been witnessing a decline in global economic activity at the end of the year and a fall on the stock market,” said Novak.