Russia Says No Need to Cut Oil Output
Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit.
OPEC and its partners led by Saudi Arabia and non-OPEC member Russia agreed in June to lift oil supplies, but OPEC signaled last week that it may have to reimpose output cuts as global inventories rise, Reuters reported.
Asked if there was a need to freeze oil production at current levels or even cut it, however, Novak said: “For now, there are no grounds or reasons for it. Quite the opposite, as you see, there are now risks of the oil deficit.”
He added that the OPEC and non-OPEC oil producing group of countries need to wait to see the risks emerging in November before deciding on any further joint steps.
OPEC and its allies hold their next policy meeting in December.
Oil prices rose last week, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
Last week Brent crude futures settled at $77.62 a barrel, yet WTI crude futures ended at $67.59 a barrel.
source: Financial Tribune
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