Russia has no plans to raise oil production - Novak


Reuters | Moscow | Updated: 02-04-2020 14:43 IST | Created: 02-04-2020 14:43 IST
Russia has no plans to raise oil production - Novak
  • Country:
  • Russia

Russia has no plans to increase its oil output as the market has been oversupplied, Russian Energy Minister Alexander Novak told Reuters on Thursday. International crude prices have fallen around 50% to under $26 a barrel since the Organization of the Petroleum Exporting Countries and other large oil producers led by Russia failed last month to agree to extend their deal to curb output.

However, they jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement soon to end their oil price war. Novak said Russia has not yet discussed the oil market situation with Saudi Arabia, but does not rule this out.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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