Russia does not plan to raise oil output: Novak

Russian Energy Minister Alexander Novak. (File photo: Reuters)

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 percent 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 percent on Thursday after US 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.

Read more:

Saudi Arabia supports cooperation among oil producers: Senior Gulf source

Trump invites oil executives to discuss help for ailing industry amid price war

First US shale oil company files for bankruptcy amid coronavirus, price war

SHOW MORE
Last Update: 09:22 KSA 12:22 - GMT 09:22
Top