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Russia’s Novak Said Oil Market Balanced, Prices Reflect Market

OIL

Current prices of Russian oil are at a fairly good level and the market is currently balances, Russian Deputy PM Alexander Novak said, cited by Interfax.

  • "In my opinion, oil prices today objectively reflect the existing picture; they are at a fairly good level, and, accordingly, the market is balanced. However, we will discuss the issues in detail at the upcoming meeting [of the OPEC+ ministers, as scheduled for November 26]," Novak said.
  • Traders told Reuters on 17 November that Russian Urals crude fell below the G7 oil price cap of $60/bbl weighed on by increased freight rates due to new US sanctions on shipowners and weaker global oil benchmark prices.
Energy BulletsCommodities
Energy BulletsCommodities

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