MOSCOW (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday oil prices rose as markets did not rule out a drop in oil supply due to the conflict in the Middle East.
In televised comments after a meeting of top OPEC+ ministers left oil production policy unchanged, including a plan to increase production from December, Novak also reiterated that oil prices were already playing a role in the conflict.
Oil prices fell below $70 a barrel in September for the first time since 2021, but have since risen above $75 on concerns that Iran’s military attack on Israel could disrupt production from the region.
“The conflict itself in the Middle East, overall, was already partly priced into the price,” Novak said.
“The market is primarily reacting to the fact that market supply may decrease due to conflict or military action,” he added.
