May 18, 2018 / 1:18 PM / a month ago

Russia's Novak says time needed to assess oil market balance

SOCHI, Russia (Reuters) - It will take time to assess if oil prices remain volatile or not, Russia’s energy minister, Alexander Novak, said on Friday, commenting on Saudi Arabia’s claims that the situation on the global oil market remains unbalanced.

FILE PHOTO: Russian Energy Minister Alexander Novak speaks during a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov/File Photo

Reporting by Denis Pinchuk; Writing by Maria Tsvetkova; Editing by Andrey Ostroukh

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