Russia Sees No Need to Limit Oil Production With Current Prices

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Oil production. - Sputnik International
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Moscow now sees no need to limit oil production, the Russian energy minister said.

MOSCOW (Sputnik) — Russia sees no need to limit oil production with the current prices, but is ready for discussion, Energy Minister Alexander Novak said Thursday.

"We are always open to discuss, monitor the situation," Novak told RIA Novosti. "In my opinion, a price level of $50 [per barrel] is normal, and if [prices] start to fall, we will actively work on this matter."

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In the first half of the year the Russian oil industry output reached 272.4 million tonnes (3.1 percent increase year-on-year) making a post-Soviet record.

Global oversupply and stagnating demand have caused oil prices to drop from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid Nigeria and Venezuela's output outages and growing demand in May, peaking at over $50 per barrel in early June.

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