• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 14 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 1 min Which type of Hegemony will China follow
  • 3 hours China gets caught?
  • 4 hours Demand for Diesel vs. Oil
  • 17 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 22 mins Us Shale: Moving the US shale revolution forward
  • 2 days Here is Why People Lose Money Trading Natural Gas
  • 18 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 1 day Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Let’s take a Historical walk around the Rig
  • 2 days US Shale: Technology
  • 2 days Governments that wasted massive windfalls

Breaking News:

Oil Prices Rise On Surprise Crude Draw

Alt Text

Asian Oil Buyers Unfazed By Iran Crisis

Oil prices rose and fell…

Alt Text

Is Iran Preparing To Send Oil Back To $100?

Brent oil prices have failed…

Alt Text

The World's Most Expensive Oil Nears $100 Per Barrel

Strong demand for heavy-sweet crude…

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