Oil Market Still Not Balanced Enough to Form Fair Price - Russian Energy Minister
Oil has already been balanced in terms of demand and supply, but this balance is not enough to establish a fair price for the commodity, Russian Energy Minister Alexander Novak said Thursday.
MOSCOW (Pakistan Point News / Sputnik - 04th October, 2018) Oil has already been balanced in terms of demand and supply, but this balance is not enough to establish a fair price for the commodity, Russian Energy Minister Alexander Novak said Thursday.
"In my opinion, prices are now formed taking into account great uncertainties and risks, and in this regard, the market is not well balanced yet. [It is balanced] in terms of supply and demand, but not in terms of forming the price based on fundamental indicators," Novak said during the Russian Energy Week (REW) forum in Moscow.
The REW forum started in Moscow on Wednesday and will last until Saturday. Rossiya Segodnya International Information Agency is the official media partner of the event.