All possibilities under consideration to respond oil price plunge: Russia's energy minister
- 4 years ago
러시아 "OPEC+산유국, 유가 하락 대응할 모든 가능성 갖고 있어"
Russia's energy minister says all possible measures are under consideration to deal with the high volatility seen on global oil markets due to the COVID-19 pandemic.
During a video conference Wednesday, Alexander Novak said the plunge in oil prices is a temporary phenomenon caused by lack of storage space and a mass sell-off.
He also said it expected prices to pick up when a deal is struck between global oil producers and restrictions are loosened.
On April 12th, OPEC, Russia and other producers, a group known as OPEC+, agreed to cut production by a record 9.7 million barrels a day starting May 1st.
Russia's energy minister says all possible measures are under consideration to deal with the high volatility seen on global oil markets due to the COVID-19 pandemic.
During a video conference Wednesday, Alexander Novak said the plunge in oil prices is a temporary phenomenon caused by lack of storage space and a mass sell-off.
He also said it expected prices to pick up when a deal is struck between global oil producers and restrictions are loosened.
On April 12th, OPEC, Russia and other producers, a group known as OPEC+, agreed to cut production by a record 9.7 million barrels a day starting May 1st.