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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Russia: There is no need to freeze or reduce oil production levels

rocky
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Russia: There is no need to freeze or reduce oil production levels Empty Russia: There is no need to freeze or reduce oil production levels

Post by rocky Sun 28 Oct 2018, 8:14 am

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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