No impact of US sanctions on Venezuela on oil prices, Russian oil minister

The Russian Energy Ministry does not see greater volatility of oil prices because of the situation in Venezuela and introduction of US sanctions against Venezuelan state-owned oil company PDVSA, the Russian News Agency Tass has reported, citing Russian Oil Minister, Alexander Novak.

"You see, markets are calm now. Actually no volatility," the minister said.

Russia does not see the need to convene an extraordinary meeting of OPEC+ because of the situation in Venezuela, the report added.

"No, we didn’t discuss this situation with Saudi Arabia’s Energy Minister and other ministers. There is no reason to convene an extraordinary meeting of OPEC+. At least, the Russian side sees no reason," Novak added.

The Russian Ministry of Energy considers the sanctions imposed by the United States against Venezuelan PDVSA illegal.

"We believe that the sanctions that were imposed are illegal and violate international law," Novak said.

Novak noted that it is currently impossible to assess the impact of these sanctions on oil production in Venezuela. "As for Venezuela, it is not yet possible to say what the consequences in terms of production will be for the republic," he added.

On January 28, the US Administration introduced sanctions against the Venezuelan state-owned PDVSA.