Russia Sees No Need to Reduce Oil Production - Energy Minister
Russia's Energy Minister told journalists that there is no need to reduce oil production anywhere around the world.
Russian Energy Minister Alexander Novak said that there is no need to reduce oil production in the country or around the world.
Novak is planning on meeting representatives of the OPEC oil cartel in June to discuss the situation on the international oil market. In November 2014 Russia and OPEC countries agreed to monitor then-falling oil prices and to meet regularly on the issue.
"I believe that if oil production remains on the same level worldwide as last year, at these prices it will be a good incentive for balancing supply with demand because demand will still grow and the market will counter-balance as a result," Novak said.
Brent crude oil futures averaged $65.37 per barrel on Friday at the New York Mercantile Exchange. The price reached a five-year low in January, when it traded for as low as $47.09 per barrel, compared to $115 per barrel in June 2014.