Russian Energy Minister Says Cutting Oil Output Isn't Viable - Bloomberg Business

Russian Energy Minister Says Cutting Oil Output Isn't Viable - Bloomberg Business:

"Russia will stick to its strategy of maintaining oil production and has no plans to take part in Friday’s OPEC meeting, said Energy Minister Alexander Novak.
“We don’t think cutting output is viable,” Novak told reporters in Moscow in response to questions about a report that Saudi Arabia would consider lowering oil production next year if certain non-OPEC countries follow suit. The nation will maintain output, he said.
Russia’s decision to hold course comes as the Saudi-led Organization of Petroleum Exporting Countries prepares to meet Friday almost a year after it sent global crude prices reeling by choosing to defend market share rather than cut output. The group of exporters seeks to rebalance supply and demand by pressuring higher-cost producers to curb production."



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