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Russia: There is no need to freeze or reduce oil production levels
Russian Energy Minister Alexander Novak said there was no reason for his country to freeze or reduce its oil production levels, adding that there was a risk that global crude markets would face the prospect of supply shortages.
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, agreed with non-OPEC member Russia in June to increase oil supplies. But OPEC hinted last week that it may have to re-impose cuts in crude production as global stocks increase.
Asked whether there was a need to freeze the production at current levels or even reduce it, Novak said: "Currently there are no grounds or reasons for this. Quite the contrary, as you can see, there is now a risk of a shortage of (supply) of oil. "
OPEC and its producers need to wait to see the risks in November before making decisions on any other joint steps, he added.
OPEC and its allies are holding their next production policy meeting in December.
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