• 5 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 minutes China Faces Economic Collapse
  • 12 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 14 minutes Iran in the world market
  • 17 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 30 mins USA Wants Iran War -- Shooty Shooty More
  • 2 mins Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 4 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 4 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 16 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 13 mins The Spy Money: U.S. Wants To Seize All Money Edward Snowden Makes From New Book
  • 1 hour Saudis Confirm a Cruise Missile from Iranian Origin
  • 2 hours Aramco Production
  • 6 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 22 hours Never Bring A Rapier To A Gun Fight
  • 6 hours Trump Will Win In 2020 And Beyond..?
Alt Text

Oil Jumps 4% On Positive Chinese Economic Data

Oil prices surged on Wednesday…

Alt Text

Oil Price Explosion – Brent Crude Jumps 20%

Brent crude rocketed on Sunday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia’s Energy Minister: Fundamentals, Not Trump Impact Oil Prices

Russia and OPEC are looking at the fundamental forces on the oil market such as supply and demand, rather than at U.S. President Donald Trump’s tweets, Russian Energy Minister Alexander Novak told CNBC in an exclusive interview on Thursday.

“You know, we are looking at all the factors that one way or another effect the prices. But in particular for us, it’s the balance between supply and demand,” Novak told CNBC’s Hadley Gamble when asked how he feels about President Trump often calling out OPEC on Twitter for manipulating oil prices or for keeping them “artificially high.”

According to the Russian energy minister, it’s the fundamental factors—the ones that lie in actions, not words—that determine the price of oil long term, not President Trump’s tweets. After a tweet from the U.S. President, prices immediately react and go up and down depending on the message he wants to convey, but the price of oil quickly returns to where it was, Novak said.

The Russian minister was talking to CNBC in Abu Dhabi, where the Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries that are part of the production cut deal met today to take stock of the oil market and the OPEC+ coalition’s efforts to erase the glut and prop up prices.

At the end of the meeting, the committee said that all countries, especially those that are yet to fully comply with the deal, promised to achieve at least 100-percent compliance for the rest of the year. 

Speaking to Russian media, Novak said that Russia has basically stuck to its production quota. There was some non-compliance in August, but Russia will be fully compliant in September, Novak said, reiterating earlier promises that Russia was still looking to comply in full with its share of the cuts. 

Commenting on the new Saudi Energy Minister, Prince Abdulaziz bin Salman, Novak said that he is certain that the new minister will continue the policy to strengthen cooperation between Russia and Saudi Arabia.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Sauron Mordor on September 15 2019 said:
    So, msnbc looks to Russia for answers in between their constant reports about how Russia colluded with trump and interferes with our daily lives? Hmmm.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play