March 9, 2020 / 4:31 PM / in a month

Russian oil to remain competitive despite price slump, says energy minister

FILE PHOTO: Russian Energy Minister Alexander Novak attends a government meeting chaired by Prime Minister Mikhail Mishustin in Moscow, Russia January 21, 2020. Sputnik/Ekaterina Shtukina/Pool via REUTERS

MOSCOW (Reuters) - Russia’s oil sector will remain competitive and keep its share of the market regardless of price forecasts, the country’s energy ministry said on Monday.

At a meeting with Prime Minister Mikhail Mishustin, Energy Minister Alexander Novak said that the plunge in oil prices, which on Monday suffered their biggest daily rout since the 1991 Gulf War, would not affect the country’s oil sector.

“The Russian oil industry has a high-quality resource base and a sufficient margin of financial strength to remain competitive at any forecast price level, as well as maintain its market share,” Novak was quoted as saying on the Russian government’s official website.

Reporting by Gabrielle Tétrault-Farber; Editing by David Goodman

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