FILE PHOTO: Russian Energy Minister Alexander Novak attends a meeting of the Russian Energy Week International Forum in Moscow, Russia, October 3, 2018. REUTERS / Sergei Karpukhin / File photo
ISTANBUL (Reuters) – The Russian Energy Minister Alexander Novak On Saturday there was no reason for Russia to freeze petroleum production or to shorten. There would be a risk that global oil markets might be in deficit.
OPEC and its partners, led by Saudi Arabia and non-OPEC member Russia, agreed in June to raise oil stocks, but OPEC signaled last week that it may need to reverse production cuts, when global stocks are rising.
Asked whether it is necessary to freeze or even cut oil production at the current level, Novak said: "There is no reason or reason for it right now, on the contrary, as you can see, the risk now exists
He added that the OPEC and non-OPEC oil producing country groups did not have to wait until November for the risks before deciding on further common action.
OPEC and its allies hold their next meeting in December.
Reporting by Maria Tsvetkova; Writing by Katya Golubkova; Edited by Hugh Lawson