Russia’s Novak says market wary of oil supply cuts due to Middle East conflict By Reuters

MOSCOW (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that 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 that kept oil output policy unchanged, including a plan to start raising output from December, Novak also reiterated that oil prices had already factored 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 fears that Iran’s military attack on Israel could disrupt production in the region.

“The conflict itself in the Middle East as a whole has already been partially priced in,” Novak said.

“The market is primarily reacting to the fact that market supply may decrease as a result of conflict or military action,” he added.