Russia warns OPEC against oil output cuts

OPEC and non-OPEC exporters must stick to a consistent message if they are to avoid exacerbating wild swings in the oil market, Russian Energy Minister Alexander Novak said Sunday.

“There is a lot of volatility in the market. And what’s more this volatility could remain,” Novak told CNBC’s Steve Sedgwick, according to a translation.

“Therefore, right now we shouldn’t be making any hasty decisions. We need to look at the situation very carefully to see how it will develop so that we don’t end up changing our course by 180 degrees every month.”

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam