• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 12 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 4 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 4 mins Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 16 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 19 hours Are you aware of Oil Price short videos on our energy topics?
  • 1 day Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 1 day NordStream2
  • 5 mins The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 411 days Class Act: Bet You've Never Seen A President Do This.
The 2021 Oil Price Rally Is Far From Over

The 2021 Oil Price Rally Is Far From Over

It appears that the current…

Peak Meat, EVs, and Solar: The World in 2030

Peak Meat, EVs, and Solar: The World in 2030

According to Principles for Responsible…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Are Oil Markets Overreacting?

There is no need to take any action to halt the decline of oil prices that started a month ago, even though it accelerated sharply yesterday, with both Brent and WTI shedding 7 percent and more inside a day, Russia’s Energy Minister Alexander Novak said, as quoted by Reuters.

Novak was speaking at an industry event in Singapore and said, “The market is quite volatile today. We remember that the oil price was sharply rising in the same way, now it is going down. We have to look into long-term development, into how the price will be stabilized.”

The official’s comments come after Saudi Arabia’s Khalid al-Falih said that the Kingdom planned to cut crude oil exports next month by half a million barrels daily to stop the slide in oil prices, adding that OPEC should cut its combined production by 1 million bpd.

The Saudi minister’s latest statement was a stark change in rhetoric following signs of weaker demand and growing supply, the classic combination that served a blow to bullish traders, with benchmarks slipping into a bear market inside a month. Also, it followed reports that Saudi Arabia was discussing cuts with Russia.

Novak told media in Singapore that Russia had been pumping less oil since the beginning of the month after a record-high production rate of 11.41 million bpd last month, with the daily cut at 20,000 barrels.

Washington recently granted waivers to eight Iranian oil importers, and global oil demand forecasts suggest that the market could be in for oversupply—both factors that substantially contributed to the dive oil prices took, as did rising U.S. production. It may well be the case that Moscow is not opposed to lower oil prices—as it has indicated earlier as well—as they would eventually come to bite into U.S. shale drillers’ performance. U.S. shale drillers are the biggest production factor that OPEC and Russia cannot control, after all.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News