The current level of oil prices stems particularly from the US trade war, Russia’s Energy Minister Alexander Novak said Friday.
"Those (oil price decline - TASS) are negative signals for the global economy. Crude prices are volatile and respond to existing general signals. The current prices reflect trade wars statements as well," he explained.
A sharp drop in crude prices started on July 11, as the price of Brent crude oil decreased by $4 on the day to $73 per barrel.
Oil production
Russia restored oil production by 80% in July against the reduction volume within the OPEC+ agreement, he added.