November 14, 2018 / 8:30 AM / 10 months ago

Russia's Novak says no emergency action warranted to halt oil price decline

SINGAPORE, Nov 14 (Reuters) - Russian Energy Minister Alexander Novak said long-term oil prices should be taken into consideration when any decision is taken by oil-producing countries and no emergency action to stem a decline in oil prices is warranted.

He was talking as oil markets fell again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors.

Novak said oil prices have averaged around $70 per barrel this year.

“The market is quite volatile today. We remember that the oil price was sharply rising in the same way, now it is going down. We have to look into long-term development, into how the price will be stabilised,” he told reporters on the sideline of an international conference in Singapore.

“It’s not right for market participants to react to any one-off fluctuations,” he said.

He also said that the oil market still does not fully understand the fallout from the U.S. sanctions against Iran and how buyers will behave.

He said that Russia has been cutting oil production by around 20,000 barrels per day so far in November.

Reporting by Vladimir Soldatkin; editing by Jason Neely

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