Russia finds US desire to take over part of oil market unacceptable — Deputy PM

  MOSCOW:  Russia considers the desire of the new US administration to take over part of the oil market in a non-competitive way, including ...

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MOSCOW:  Russia considers the desire of the new US administration to take over part of the oil market in a non-competitive way, including by reducing oil prices, unacceptable, Russian Deputy Prime Minister Alexander Novak said speaking at the OPEC+ committee.

"Today we are experiencing new challenges from the new US administration with its call for OPEC countries to cut oil prices and, in a non-competitive way, essentially take over part of the market," he said.

"We believe that we must, of course, in the current situation, maintain full commitment to our agreement, the principles of the OPEC+ deal. Attempts at artificial, unfair interference in the mechanisms of the global oil market are strongly unacceptable," Novak added.

Earlier, US President Donald Trump said that the country plans to increase oil production. The American leader also noted that the US will seek a reduction in oil prices from Saudi Arabia and OPEC, including to put pressure on Russia, which is part of OPEC+.

-News Feed