Russian Energy Minister Says Premature to Extend OPEC Deal

It is premature to decide on extending the global deal to reduce oil production as the oil market has been rebalancing, Russian Energy Minister Alexander Novak said on Thursday, according to the ministry’s Twitter feed.

He also said that if the market struggles to reach balance, “we would discuss the option of the deal extension” after it expires after March 31.


West Texas Intermediate graph

Novak also said that the current oil price of over $54 per barrel is “optimal” for both producers and consumers and allows to make investments in the oil industry.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza