No deal, oil can drop to US $30

Russia's energy minister, Alexander Novak, said he cannot rule out a scenario where oil prices can fall to US $30 per barrel if the global agreement on the market is not enlarged.

Novak also said that there are still large risks of excess fuel supply and that Moscow needs to further monitor the oil and gas market in order to make a balanced decision in July.

Khalid al-Falih, energy Minister of Saudi Arabia, who was also in Moscow to talk to the Russian, reported that measures are being taken to avoid sharp decline in oil prices.

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