Russia Warns Oil Price Drop May Get ‘Serious’ on Brexit Shock
- Canada, Nigeria output resumption would compound threat
- Possible ‘domino effect’ in EU exacerbating uncertainty: Novak
What Brexit Means for Oil and Gold
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Russia warned that crude oil prices may plunge further if the shock of Britain’s vote to exit the European Union is combined with a boost in output.
Returning production in Canada and Nigeria, which has been disrupted by wildfires and rebel attacks, combined with the Brexit result could mean “the drop in prices in the short-term may be serious,” Russian Energy Minister Alexander Novak said in an e-mailed statement. If supply isn’t restored, a return to fundamentals is likely fairly quickly, he said.