Russian Energy Minister On Oil’s Demise: ‘Let’s Not Dramatize This’ [Forbes]
Exxon Mobil Corporation (XOM)
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Source: Forbes
An off-shore oil platform off the coast in Huntington Beach on Sunday, April 5, 2020. (Photo by... [+]Leonard Ortiz/News Group/Orange County Register via Getty Images)News Group via Getty ImagesRussia’s Minister Alexander Novak said about the recent record breaking, and shocking, decline in oil prices that investors should not overdramatize Monday’s negative crude action, and Tuesday’s fall below $20 a barrel.“Do not over dramatize the situation. This is a paper market, trading in derivative financial instruments, and not physical oil,” he told Russian newswireInterfaxNovak said that Russia and OPEC countries are closely monitoring the situation and, if necessary, “have every opportunity to respond.”Some market participants think Russia will cut production. Others have said that President Trump should ban import of foreign oil, such as a shipment of Saudi crude heading this way.Novak told Interfax that oil prices will remain volatile until the start of the agreed upon production cuts
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