Alexander Novak: Decision of OPEC will allow to lower volatility of oil prices

Baku, September 30, AZERTAC

“The decision which was made yesterday, allowing to speak about advance on flexibility of the countries and about those objectives which are designated in the joint statement of the OPEC countries, will allow to lower, in my opinion, volatility of the prices which today we observe, to reduce participation in volatility of the prices of a speculative factor. And for today we see that the prices quite positively reacted to these decisions, Russia’s energy minister Alexander Novak said.

On Wednesday night after hours-long negotiations in Algeria the OPEC countries approved restriction of the level of production of oil in the range 32,5-33 million barrels a day.

As stated, it is supposed to apply special conditions to Nigeria, Libya and Iran. The final decision shall be made at the next official meeting of OPEC on November 30 in Vienna.

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