Russian Energy Minister Alexander Novak
Russian Energy Minister Alexander Novak says oil industry looks at supply and demand, market to make decisions
The OPEC oil bloc does not make its decisions based on "politicians’ appeals on Twitter," Russian Energy Minister Alexander Novak said on Thursday.
Rebuffing Wednesday tweets by U.S. President Donald Trump urging OPEC countries to maintain high oil production but lower prices, Novak said the group’s members make decisions based on the market situation, the balance between oil supply and demand, and available reserves.
"In the first place we are focusing on the industry’s objective index," he said.
He also said negotiations on gas supplies to Europe through Ukraine would be held in January.
His remarks come amid an OPEC meeting in Vienna with countries expected to recommend production cuts.
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