Average Oil Price For 2018 Now Forming At $70 Per Barrel - Novak

The average oil price for 2018 is now forming at the level of $70 per barrel, Russian Energy Minister Alexander Novak said Wednesday, adding that the OPEC-non-OPEC oil production cut deal participants have the tools to react to serious crises on the oil market

SINGAPORE (UrduPoint News / Sputnik - 14th November, 2018) The average oil price for 2018 is now forming at the level of $70 per barrel, Russian Energy Minister Alexander Novak said Wednesday, adding that the OPEC-non-OPEC oil production cut deal participants have the tools to react to serious crises on the oil market.

"If we take the average price for the year, it is about $70 today.

We certainly need to look at the dynamics, as we agreed at the last meeting of the [OPEC-non-OPEC] monitoring committee's ministers, which took place on Sunday in Abu Dhabi," Novak told reporters.

"We agreed that we would monitor the market during November. And in early December we will have a meeting of ministers at which we will be able to discuss the situation on the market - how it will form by that time, and what are the forecasts for the winter period, the first and second quarter. We have the tools to react in case of any serious crises," he said.