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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.