• Russia’s Novak: Oil market is very sensitive but balanced

Market news

12 October 2023

Russia’s Novak: Oil market is very sensitive but balanced

Russian Deputy Prime Minister Alexander Novak said on Thursday, “the oil market is very sensitive but balanced.”

Additional quotes

The global market is balanced but the balance is fragile.

The global economy is growing slower than expected.

That influences the demand for oil.

The OPEC+ mechanism is efficient.

The market situation requires closer opec+ cooperation.

OPEC+ cooperation ensures the stability of the oil market and investments.

It's not our goal to set oil prices, we aim to balance the market.

On oil prices by years end, the market sets prices itself.

Market reaction

WTI is battling the $82 mark, holding the latest uptick following the above comments. The US oil is trading flat on the day.

Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer
Open Demo Account & Personal Page
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.