Despite a denial by the Russians, and now an outright statement that Russia "doubts any freeze deal is possible in the foreseeable future," crude prices are surging as momo algos jump on every headline!
- RUSSIA DOUBTS ANY FREEZE DEAL IN FORSEEABLE FUTURE: NOVAK
- RUSSIA IS SAFE EVEN IF PRICES GO DOWN AGAIN: ENERGY MINISTER
- AFTER DOHA POSSIBILITY OF OIL FREEZE IS 'RELATIVELY LOW': NOVAK
Moscow has played down hopes of a deal with Opec countries to freeze production and raised its own output forecasts following the breakdown of talks in Doha.
Alexander Novak, Russia’s energy minister, said on Wednesday he was doubtful that any deal to regulate production would be reached.
Mr Novak poured cold water on those hopes. “I am not sure that Opec countries will reach an agreement among themselves,” he said on the sidelines of an energy conference in Moscow.
A deal to freeze production may no longer be necessary by June, he said, pointing to the rise in the oil price since February as evidence that supply and demand were beginning to rebalance. On Wednesday, Brent, the international oil marker, rose 85 cents to $44.89 a barrel.
“In February [the deal to freeze output] was relevant, in April it was already less relevant. I do not exclude the possibility that in June it will in principle no longer be relevant,” Mr Novak said.
Mr Novak said that Russia would produce as much as 10.92m b/d in 2016, an increase from the energy ministry’s forecast of 10.78m b/d, and marginally above January’s level of 10.91m b/d that was to be the benchmark for the production freeze deal.
But none of that matters…
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