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According to foreign media reports, Russian Energy Minister Alexander Novak said on the 25th that Russia will discuss with OPEC in June whether it is appropriate
to gradually reduce oil production cuts.
Novak reiterated that any decision must be guided
by the state of the market.
Russian Energy Minister Alexander Novak made the remarks to journalists interviewing him at the St.
Petersburg International Economic Forum on Thursday
.
He said some of Russia's largest oil producers have called for more flexibility
in cutting production after nearly 17 months.
Executives at Lukoil, Russia's second-largest oil company, and Gazprom, Russia's largest gas producer, said oil production cuts had reached their targets, while crude prices were close to $80 a barrel, high enough
.
Novak said the Organization of the Petroleum Exporting Countries (OPEC) and its allies have eliminated a global oil inventory glut
that has weighed on oil prices since 2014.
Even so, they said last month that oil supply cuts should continue as planned until the end of the
year.
According to foreign media reports, Russian Energy Minister Alexander Novak said on the 25th that Russia will discuss with OPEC in June whether it is appropriate
to gradually reduce oil production cuts.
Novak reiterated that any decision must be guided
by the state of the market.
Russian Energy Minister Alexander Novak made the remarks to journalists interviewing him at the St.
Petersburg International Economic Forum on Thursday
.
He said some of Russia's largest oil producers have called for more flexibility
in cutting production after nearly 17 months.
Executives at Lukoil, Russia's second-largest oil company, and Gazprom, Russia's largest gas producer, said oil production cuts had reached their targets, while crude prices were close to $80 a barrel, high enough
.
Novak said the Organization of the Petroleum Exporting Countries (OPEC) and its allies have eliminated a global oil inventory glut
that has weighed on oil prices since 2014.
Even so, they said last month that oil supply cuts should continue as planned until the end of the
year.
