21:54 GMT12 July 2020
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    Russian Energy Ministry Alexander Novak stated that the $50-55 price for crude has been established thanks to a consensus on the oil market.

    MOSCOW (Sputnik) — Global oil prices could have fallen to $30-35 per barrel, if OPEC and non-OPEC countries had not struck an output reduction deal, Russian Energy Ministry Alexander Novak said on Sunday.

    "The $50-55 price for crude has been established thanks to a consensus on the oil market. It is, of course, $20 higher than it could be without the deal," Novak said in an interview with Russia's NTV TV channel.

    On Saturday, OPEC finished a 2-day meeting with non-OPEC countries in Vienna, where non-OPEC countries decided to cut oil output by 612,000 barrels per day, with Russia cutting the output by 300,000 barrels per day. In November, OPEC agreed to cut oil production by 1.2 million barrels per day for the whole cartel.


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    oil output, Alexander Novak, Russia
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