Open Demo Account
Home / Market Update / Commodities / Russian Novak: No plans to switch to oil-for-rubles scheme

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

Mohamed Abdelhamid 16 June, 2022 10:13 pm Commodities, Forex Market, Market Update

“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.

Tags

Check Also

Oil Markets Eying Weekly Gains Following PMI Data

Crude Oil prices rebounded after a volatile Friday, driven by a surge in the US …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends