Minister: Russia does not plan to cut oil production

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Russian Energy Minister Alexander Novak stated that the government has no official plans to reduce oil production despite the contradictory statement by his Deputy Minister made a few days ago.

Novak confirmed that Russian officials are not going to decrease production even though he and Saudi Oil Minister Khalid al-Falih agreed at the G-20 summit, which took place in China, to collaborate in order to stop the drop in global crude oil prices.

“This option, at least according to the information I have on our discussion with other ministers and other countries, is not being considered,” Novak said in a commentary to the Russian news agency Tass.

Earlier Deputy Energy Minister Kirill Molodtsov said Russia could lower its oil output by 5 percent after discussions with domestic producers. He then tried to clarify that no official agreement to change regulations had been reached.

A few weeks ago Russian President Vladimir Putin showed his support to the OPEC discussions about a possible production freeze. Right after his statement a rise of global oil prices was registered.