Oil prices rose after energy Minister Alexander Novak said that the country is ready to participate in consultations with the countries-members of OPEC about the situation on the market.
MOSCOW, 16 Oct. The world prices for oil grow appreciably on Friday on reports that Russia is ready for talks on the situation on the global oil market, according to AFP.
As at 10.39 GMT the cost of December futures for North sea petroleum mix of mark Brent has grown on 1,21% — to 50.33 dollars per barrel. Price of November futures for oil of mark WTI has grown on 1,47% — to 47,05 dollars per barrel.
Oil prices are supporting the news that Russia is ready to discuss the situation of oversaturation in the global market. Energy Minister Alexander Novak has previously stated that the country is ready to participate in consultations with the countries-members of OPEC about the situation on the market. The Minister also expressed willingness to discuss the situation with countries outside the cartel.
Representatives of the Ministry of energy of the Russian Federation on October 21, will be attended expert meeting of OPEC. Agence France Press suggests that Russia at the meeting, may discuss and reduce their own oil production.
On Thursday, oil prices have moved to lower on the data about growth of commercial stocks of oil in the United States (excluding strategic reserves) for the week ended October 9, 7.6 million barrels, to 468,6 million barrels.
“News that Russia does not exclude possible reduction of production, compensates for the increase in reserves in the USA”, — quotes Agency strategist at IG Asia Pte in Singapore Bernard AU (Bernard Aw),