Oil futures will no longer go to the negative area, "the situation has been taken under control", such overstocking of storage facilities is now impossible, Russian Energy Minister Alexander Novak told the Rossiya 24 broadcaster
MOSCOW (Pakistan Point News / Sputnik - 18th September, 2020) Oil futures will no longer go to the negative area, "the situation has been taken under control", such overstocking of storage facilities is now impossible, Russian Energy Minister Alexander Novak told the Rossiya 24 broadcaster.
"I am sure that now it is no longer possible, because the situation has been taken under control," he said, answering whether oil futures could be in the negative zone again.
"We see that not only the OPEC+ countries, but also other countries that are not members of OPEC, saw a reduction in production by about 3-3.5 million barrels per day, and this moment of overstocking of storage facilities, which was the main factor in North America, in a separate market, makes it impossible to reduce prices to negative levels in the global world market for such brands as Brent," Novak said.
