Russia Warns Of ‘Fragile’ Oil Market Due To Geopolitics

Global oil markets remain “fragile” due to geopolitics and production declines in several regions, Russia’s energy minister said on Sept. 12, but added his country could raise output if needed.

The comments come amid oil prices eyeing $80 per barrel LCOc1, up from little over $60 in February, amid supply disruptions and expected U.S. sanctions against Iran.[O/R]

“Today, the situation is quite fragile, of course, and it is related to the fact that not all the countries have managed to restore their market and production,” Russian Energy Minister Alexander Novak said at an economic conference in the Russian far eastern city of Vladivostok.