Present geopolitical tensions are making it tougher and tougher for oil-producing nations to make selections that may assist stabilize crude costs, Russian Power Minister Alexander Novak advised CNBC Sunday.
Requested about tensions within the Center East, Novak mentioned that issues within the area had been changing into “better and better,” however added that the U.S.-China commerce battle was additionally having a destabilizing impact.
“We’ve seen in the previous couple of days an alternate of the imposition of customs duties. As well as, we’ve seen dangers of a geopolitical nature as regards to this area,” Novak advised CNBC’s Dan Murphy in Jeddah, Saudi Arabia, based on a translation.
“This all tells us that the market may be very unstable. And there are numerous components which have develop into greater and it is extra sophisticated to take longer-term selections which can be elementary to the market,” he added.
The comments come amid escalating tensions between Tehran and Washington and simply days after drone assaults on Saudi oil…