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PHOTO FILE: The Russian Minister of Energy, Alexander Novak, attends a session of the International Forum of Energy Week in Russia in Moscow, October 3, 2018. REUTERS / Sergei Karpukhin / File Photo
ISTANBUL (Reuters) – Russian Energy Minister Alexander Novak said on Saturday that there was no reason for Russia to freeze or reduce its oil production, stressing that markets oil prices could be threatened by a deficit.
OPEC and its partners led by Saudi Arabia and Russia, which is not a member of OPEC, agreed in June to stop supplying oil, but OPEC said last week that it may be necessary to reimpose reductions in production as world stocks increase.
To the question of whether it was necessary to freeze oil production at current levels or even reduce it, Novak replied: "For the moment, there is no reason or reason for it. make. On the contrary, as you can see, there is now a risk of oil deficit. "
He added that OPEC countries and non-OPEC oil producing countries must wait to see the risks emerge in November before deciding on new joint measures.
OPEC and its allies hold their next political meeting in December.
Report by Maria Tsvetkova; Written by Katya Golubkova; Edited by Hugh Lawson
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