Russian Novak: No plans to switch to oil-for-rubles scheme

“There is no need for Russia to cut its oil output,” Russian Deputy Prime Minister Alexander Novak told RBC media on Thursday.

“OPEC+ role is on the rise due to uncertainties with demand and supply in China, Iran, Libya and Venezuela,” Novak added. “We don’t have plans to switch to an oil-for-rubles scheme.”

the market’s reaction for crude oil prices was edging slightly lower following these comments. West Texas Intermediate was trading at $115.15, where it was down 0.6% on a daily basis.