MOSCOW, May 14 (PRIME) – The countries that signed the OPEC plus nonmember oil production cut agreement have all necessary tools to balance the market, Russian Energy Minister Alexander Novak told reporters on Monday, when asked how U.S.–Iran nuclear deal break will affect the oil market.
“We will monitor the situation. In principle, as they said, the sanctions will resume within 180 days so we need to see how market reacts. It is too early now to say anything. Anyway, we have all the tools, which can be used to balance the market,” Novak said.
He also said that it is too early to say how these events will influence Russia’s position on the OPEC deal.
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