• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil prices going down
  • 50 mins Oil prices going down
  • 17 mins Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 5 hours Sabotage at Tesla
  • 13 hours Oil and Trade War
  • 25 mins Trump Hits China With Tariffs On $50 Billion Of Goods
  • 12 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 15 hours Sell out now or hold on?
  • 15 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 1 hour After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours What If Canada Had Wind and Not Oilsands?
  • 9 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 1 hour The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 1 hour Nopec Sherman act legislation
  • 13 hours venezuala oil crisis
  • 13 hours When will oil demand start declining due to EVs?

Breaking News:

Nigeria Struggles To Sell Its Crude

Global Energy Advisory - June 15th 2018

Global Energy Advisory - June 15th 2018

Oil markets are on edge…

EV Makers Receive Little Support From Trump

EV Makers Receive Little Support From Trump

Electric vehicle makers find themselves…

No Plans To Cut Oil Production Says Russian Energy Minister

Aleksandr Novak

Russia’s Energy Minister, Alexander Novak, claimed there are no official plans to cut oil production despite seemingly contradictory information provided by his number 2 man.

Novak earlier today said representatives at an international energy conference scheduled to start this weekend would likely consider maintaining oil output steady over the next three to six months. So far, however, Novak affirmed there are no proposals to decrease production even though he and Saudi Oil Minister Khalid al-Falih agreed at the recent G-20 summit to collaborate in order halt the precipitous drop in crude prices since 2014.

“This option, at least according to the information I have on our discussion with other ministers and other countries, is not being considered,” Novak told the Russian news agency Tass and cited by UPI.

Novak’s remarks came after Deputy Energy Minister Kirill Molodtsov initially said Russia could “in theory” lower its oil output by 5 percent following discussions with domestic producers. Molodtsov subsequently attempted to clarify by noting that no official agreement to change regulations had been reached.

Russian oil production reached a record high of 11.75 million barrels per day (bpd) last Tuesday, and averaged around 10.71 million bpd in the month of August. Molodtsov said he would view domestic output of 11. 1 million bpd as “a fully realistic level.”

Unlike Novak, Molodtsov opted not to comment on any potential Russian proposals for the Algeria talks, which are being held after a similar initiative collapsed in Doha last April since Iran refused to restrict its supplies.

The rise in Russian oil production has helped global supplies grow and, in turn, been influential in keeping prices low. Should this oil glut continue, member states of the Organization of the Petroleum Exporting Countries (OPEC) could hold discussions immediately following the Algeria conference.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News