Markets To Keep Reacting To News From Saudi Arabia - Russian Energy Minister

Markets to Keep Reacting to News From Saudi Arabia - Russian Energy Minister

ANKARA (UrduPoint News / Sputnik - 17th September, 2019) The oil spike after an attack on oil facilities in Saudi Arabia was to be expected and the markets will keep reacting to the news from the kingdom, Russian Energy Minister Alexander Novak said.

On Saturday, two Saudi Aramco facilities were attacked with drones, causing the kingdom's oil output to halve.

"I guess it was to be expected.

On the weekend, everyone was expecting the prices to grow on Monday because the price includes uncertainty and risks. I think the market will react to the situation based on the information that will be coming out of Saudi Arabia," Novak told reporters, refusing to speculate on how long oil prices would remain high.

The minster said it was premature to hold talks with Russian oil producers to develop a common approach.

"What approaches can we develop if we do not have any information?" Novak said.

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