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Russian Energy Minister Novak: No need to freeze or lower oil production levels

October 27, 2018 Business 3 Views PHIL PHOTO: Russia's Energy Minister Alexander Novak participates in an international forum in Russia's…

PHIL PHOTO: Russia’s Energy Minister Alexander Novak participates in an international forum in Russia’s Energy Force in Moscow on October 3, 2018. REUTERS / Sergei Karpukhin / Filfoto

ISTANBUL (Reuters) – Russian Energy Minister Alexander Novak said on Saturday that there was no cause Russia to freeze or lower its oil production levels and notes that there were risks that global oil markets could face a deficit.

OPEC and its partners led by Saudi Arabia and non-OPEC members Russia agreed to lift oil products in June, but OPEC announced last week that it may need to resume cuts as global stocks rise.

Ask if there was a need to freeze oil production at current levels or even cut it, but Novak said, “At present there are no reasons or reasons. On the contrary, as you can see, there are now risks of oil deficits . “

He added that the OPEC and non-OPEC oil-producing group of countries have to wait to see the risks that occur in November before deciding on any further common steps.

OPEC and its allies will hold their next policy meeting in December.

Reporting by Maria Tsvetkova; Write by Katya Golubkova; Editing Hugh Lawson

Our Standards: Thomson Reuters Trust Principles.


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