Russian energy ministry: Russian oil to remain competitive regardless of oil price forecasts

Russia's oil sector will remain competitive despite the slump in prices and keep its share of the market, the country's energy ministry noted in a statement on Monday.

"The Russian oil industry has a high-quality resource base and a sufficient margin of financial strength to remain competitive at any forecast price level, as well as maintain its market share," Russian Energy Minister Novak said, Reuters reported, citing Russian government's official website.

WTI struggles to rebound

As of writing, the barrel of West Texas Intermediate (WTI) was trading at $34.20, down 17.7% on the day.