Russia Novak: Oil market situation is quite uncertain and changes very quickly

The situation in the oil market is quite uncertain and it changes very quickly, Russia's Energy Minister Alexander Novak said on Thursday and refrained from clarifying if Russia will support deeper oil output cuts recommended by the OPEC+ Joint Technical Committee (JTC).

"Common stance of oil producers is that it's not expedient to hold OPEC+ meeting ahead of schedule," Novak added. "Oil producers should meet in early march as initially planned."

Oil reaction

The barrel of West Texas largely ignored these comments and was last seen trading at $53.70, adding 0.35% on a daily basis.