Russia’s Novak Sees No Need Now to Cooperate With Saudis on Oil
- U.S shale production may start to rebound next year on prices
- Global period of low oil prices could last 10 to 15 years
What's the Future for Russian, Saudi Oil Unity?
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It makes no sense now for Russia and Saudi Arabia, the world’s biggest oil suppliers, to work together to influence the market, even as U.S. shale production is poised to rebound next year, Russia’s Energy Minister said.
Without a “force majeure with prices,” there’s no point in talking about joint action, Alexander Novak said in an interview on Bloomberg TV on the sidelines of the St. Petersburg International Economic Forum. “The door is always open,” but there should be “a desire and a need” for cooperation, which is not the case now, he said.