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Sanctions, Trade Wars Complicate OPEC-Non-OPEC Decision-Making Process - Russia's Novak
Faizan Hashmi Published December 07, 2018 | 11:57 PM
It was harder for OPEC-non-OPEC to decide on further cooperation regarding oil production cuts than two years ago due to raging trade wars and new sanctions, among other reasons, Russian Energy Minister Alexander Novak said Friday.
Earlier in the day, participants of the OPEC-non-OPEC oil production cut deal agreed during a meting in Vienna to reduce overall oil production by 1.
2 million barrels per day.
"It seems to me that it was even more difficult to assess the situation today than two years ago ... More uncertainties have emerged in these two years. We see that sanctions, which are being imposed by separate countries on certain states, are being expanded ... We see more and more that market methods are being replaced by non-market ones, there is more protectionism, and trade wars are expanding between the nations," Novak said at a press conference.
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