| Russian Energy Minister Alexander Novak warned Monday there was an “acute need” to rebalance the oil market and help ease price volatility, after talks with the OPEC oil cartel in Vienna. “Probably by winter we will see considerable overkill of supply over demand.
Therefore there is an acute and urgent need to speed up the rebalancing,” Novak told reporters at the Vienna headquarters of the Organization of Petroleum Exporting Countries. The meeting highlighted “the impact that recent price volatility and the high level of stocks have had on the industry”, the two parties said in a statement.........................................Full Article: Source
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