Russia Now Ready To Consider More Oil Output Cuts If Needed

10 Jul 2017   OPEC, Russia

Just a day after Russia’s Energy Minister Alexander Novak said that the OPEC/non-OPEC production cut pact was working and that there was no need to make immediate additional moves, an energy minister official told Russian reporters on Friday that Moscow was ready to review proposals from partners in the deal, including changes to production cuts. On Thursday, Minister Novak told Reuters in an interview that the output cut deal was working to reduce global oversupply and price volatility, and there was no need to make immediate additional moves to lift the price of oil. “We believe that it is necessary to move within the framework of the agreed decisions and that new, snap decisions are not necessary,” Novak told Reuters. The minister was echoing the words of four Russian government officials who told Bloomberg on Wednesday that Russia would oppose any attempts to deepen the oil production cuts currently […]

Comments are closed.