2/14, 10:28 AM (Source: TeleTrader)
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Novak: Potential turmoil in oil market due to Venezuela crisis

Russian Minister of Energy Alexander Novak on Thursday pointed to a possible uncertainty in global oil market due to the unstable situation in Venezuela, saying that there will likely be no OPEC+ output proposals in light of the crisis in the Latin American country.

He noted that no suggestions to amend the terms of OPEC+ agreement have been put forward, adding that a new memorandum on both OPEC and non-OPEC alliance would be signed in April in Baku, Azerbaijan during the ministerial meeting of the Organization of the Petroleum Exporting Countries. The minister went on to describe the pact with non-OPEC countries as positive for Russian oil companies.

Earlier, Novak claimed that benchmark prices of crude aren't reacting to the decision by the United States to introduce sanctions against Venezuela's PdVSA and that the situation does not require an extraordinary OPEC meeting with the bloc of producers led by Russia.

Breaking the News / GG