Russian Energy Minister: Oil price of between $50-60/bbl would be fair for both producers and consumers

Russia's Energy Minister Alexander Novak crossed the wires last minutes via Kommersant, saying that oil prices of between $50-60 per barrel would be fair for both producers and consumers.

Key headlines (via Reuters)

• Producers trying to maintain their mrkt share & these non-coordinated actions lead to long period of low oil prices
• Sees tough competition, such non-coordinated actions lead to long period of low oil prices