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

PHILPHOTO: Russia's Energy Minister Alexander Novak attends Russia's International Energy Forum's International Forum in Moscow, Russia, October 3, 2018. REUTERS / Sergei Karpukhin / Filfoto

ISTANBUL (Reuters) – Russia's Energy Minister Alexander Novak said there was no reason for that Russia should freeze or cut oil production levels, and noted that there was a risk that global oil markets could face a deficit.

OPEC and its partners led by Saudi Arabia and non-OPEC membership Russia agreed in June to lift oil supplies, but OPEC signaled last week that it may have to reset production reductions as global stocks rise .

Asked if there was a need to freeze oil production at today's level or even cut it, but Novak said, "For now there are no reasons or reasons. On the contrary, as you can see, there is now a risk of oil deficit. "

He added that OPEC and non-OPEC oil-producing group 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 meeting in December.

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

Our Standards: Thomson Reuters Trust Principles.

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