- Analytics
- News and Tools
- Market News
- Russia’s Novak: OPEC+ prioritizes mid-term strategy over US calls for more oil
Russia’s Novak: OPEC+ prioritizes mid-term strategy over US calls for more oil
Russian Deputy Prime Minister Alexander Novak said on Wednesday, OPEC and its allies (OPEC+) remain focussed on their policies to stabilize oil markets in the mid-term while resisting calls from Washington to boost output.
Key quotes
“We believe that it would be right for the market to show in the mid-term how we will increase production as demand grows.”
“The producing companies should understand beforehand which investments they have to plan in order to ensure a production increase.”
“The possible release of the strategic stockpiles by the United States and other large consumers will have a limited short-term impact on the oil market.”
“Global oil demand was seen rising by around 4 million barrels per day (bpd) next year after an increase of up to 5 million bpd this year.”
“An oil price of between $65 and $80 per barrel should be comfortable next year. “
Market reaction
WTI was last seen trading at $75.78, almost unchanged on the day.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
