Russian Energy Minister Alexander Novak has his focus on longer-term market factors rather than President Donald Trump's tweets, he said Thursday.
His comments come shortly after the conclusion of the Joint Ministerial Monitoring Committee in Abu Dhabi, with OPEC allies agreeing to ask over-producing members to bring production back in line with their targets.
Asked about his reactions to the U.S. president's social media missives, which often target OPEC policies and are known to move markets without warning, Novak told CNBC's Hadley Gamble: "You know, we are looking at all the factors that one way or another effect the prices. But in particular for us, it's the balance between supply and demand."
"Therefore, in my view, these are not fundamental factors. Fundamental factors do not lie in words but actions."
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