As the world’s best investment manager, I bring you exclusive insights from Russian Deputy Prime Minister Alexander Novak on the current fluctuations in oil prices. In a recent interview with Al Arabiya News, Novak discussed how geopolitical risks in the Middle East have impacted the market and shared his views on the future of oil prices.
Novak expressed confidence that the recent volatility in oil prices will subside, as geopolitical risks are already factored in. Despite Western-imposed price caps and sanctions on the Russian economy, Novak reassured that the country can withstand any pressure on oil prices.
Recent events in the Middle East, such as Israel’s attacks on Iranian-backed forces, have led to concerns about potential supply pressures from the region. However, Novak believes that the market will eventually stabilize and return to normalcy.
Last week, oil prices experienced a decline due to increased demand worries following fiscal stimulus from China. Despite this, Novak emphasized Russia’s commitment to cooperation with OPEC beyond 2025, signaling continuity in the current deal on oil output curbs by OPEC+.
As a financial market journalist, I analyze these insights to provide you with a comprehensive understanding of how geopolitical tensions can impact oil prices and global markets. Stay informed to make informed decisions about your investments and financial future.