Russian Energy Minister Alexander Novak said today that the times when countries could affect the oil market together were gone, and no one player could keep oil prices under control. He emphasized that oil prices stabilized themselves according to market laws, TASS reports.
The minister noted that Russia was not intending to correct its plans and investments, despite the dropping oil prices. However, he pointed out possible reduction of oil extraction with the continuation of the trend.
Novak said that oil exports will drop at the current extraction rate and rising consumption.
Russian Energy Minister Alexander Novak said today that times when countries could affect the oil market together were lost and no one player could keep oil prices under control. He emphasized that oil prices stabilized themselves according to market laws, TASS reports.The minister noted that Russia was not intending to correct its plans and investments despite the dropping oil prices. However, he pointed out reduction of oil extraction with the continuation of the trend.Novak said that oil exports will drop at the current extraction rate and rising consumpti
