Comments by Russian energy minister, Alexander Novak
- We are in contact with Saudi Arabia
- Need to see what happens there before taking any decision on Russian production
- No immediate need to convene extraordinary OPEC+ meeting
Russia is continuing to play down the impact of the attacks on Saudi oil facilities over the weekend and to some extent, they're not wrong.
The Saudis definitely have the stockpile to offset the loss of production in the near-term but the question now will be how soon can they get these facilities back online?
It's more of a question of infrastructure in that regard but there's no doubting that heightened geopolitical tensions in the Middle East will keep oil prices underpinned as well.
