VIDEO NEWSWATCH: “U.S. shale, trade and sanctions worry Russian Finance minister as economy gets back on track” – CNBC/ Geoff Cutmore, Alexandra Gibbs

Anton Siluanov file photo

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“… Following last week’s decision by oil producers to extend output cuts by nine months to March 2018, Siluanov told CNBC that OPEC’s decisions would give opportunity [sic] for prices to stay at present levels, but that both producers and the ministry had to be on alert for any market changes. …”

‘On the one hand, this should keep prices at the levels they are at present, and on the other it gives a signal to those companies which are extracting shale oil, particularly in the USA, by increasing levels of drilling, by increasing the levels of extraction, and in the final reckoning by the growth of offers on the oil market,’ said Siluanov. ‘At the same it is necessary to be very attentive, it is necessary to be ready for the fact that the possible surplus offers of oil will put pressure to lower the price.’ … ‘In our view, the most important thing is for the prices to be predictable. …'”

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[featured image is file photo]