“We believe that this conflict should be resolved via political means, and we do hope that this conflict in the Middle East will be reconciled, because, really, for the sake of the market and further cooperation expansion on the part of the Persian Gulf a stable and normalized situation is required,” said Novak.
This is as the oil market continues to come under pressure from robust U.S. shale production after prices improved after the OPEC deal.
Novak said the group was aware that bringing the oil market into balance would attract investment into the shale industry. The deal however is still a success.
“Therefore, these shale production increases, we foresaw that. Today we have to monitor the situation, and analyze the current developments. In my opinion, the deal is highly effective, and as for shale production recovery, we have to monitor it,” he said.
OPEC will hold its next meeting in Moscow next month.