Trade war and Iran tensions creating a 'very unstable' oil market, Russia minister says

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Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister Alexander Novak told CNBC Sunday.

Asked about tensions in the Middle East, Novak said that problems in the region were becoming "greater and greater," but added that the U.S.-China trade conflict was also having a destabilizing effect.

"This all tells us that the market is very unstable. And there are many factors that have become bigger and it's more complicated to take longer-term decisions that are fundamental to the market," he added. Asked whether Russia could do more to promote security and stability in the region as a friend of Iran, Novak said: "We need to fine tune our relationships as fully as possible so that the issue of energy security is at the forefront."

 

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