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Russia's Energy Minister stabilizes the oil price in the first half of 2019



Russian Energy Minister Alexander Novak arrives on December 7, 2018 at OPEC headquarters in Vienna. REUTERS / Leonhard Foeger

MOSCOW (Reuters) ̵

1; Russian Energy Minister Alexander Novak said on Tuesday that oil prices continued to fall. This would stabilize in the first half of 2019.

The Organization of Petroleum Exporting Countries (OPEC) and other major oil producers, led by Russia, agreed earlier this month to cut their crude oil production by 1.2 billion barrels a day from January to curb the decline in oil prices ,

"I think the situation in the first half of the year will be more stable and balanced as a result of joint efforts confirmed by OPEC and the non-OPEC countries in December," Novak told Rossiya in an interview. 24 TVs.

Novak also said that there were no proposals for an extraordinary meeting with OPEC and he attributed the decline in oil prices to macroeconomic factors.

"These are the basic factors: the fall in demand in winter and, of course, the macroeconomy, as we saw a decline in global economic activity and a decline in stock markets at the end of the year.

Reporting by Vladimir Soldatkin and Olesya Astakhova; writing by Polina Nikolskaya; Editing by Kirsten Donovan and Gareth Jones

Our Standards: The Thomson Reuters Trust Principles.

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