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Minister: Russia does not plan to cut oil production

Some time ago Deputy Energy Minister stated the country could lower output by five percent.

22.Sep.16 3:54 PM
By Alesya Davydova
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Minister: Russia does not plan to cut oil production

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.

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