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No rational reasons for cutting global output of oil - Russia’s energy minister

Along with this, the Russian energy minister has plans to visit the OPEC seminar due to be held in Vienna on June 3 to 4

© Evgeny Kurskov / TASS

MOSCOW, May 23. /TASS/. Russia’s Energy Minister Alexander Novak says that there is still no rationality for cutting oil production in the world.

"We can see no rational reasons in this now," Novak told reporters on Saturday adding that "if it [oil production] will be kept at this level and at this price, it will be a good stimulus for levelling out supply and demand."

"There is no rationality to cut it and the countries, which are not OPEC members, do not have special tools," he said.

Earlier, TASS reported that at the beginning of June Novak was planning to have meetings with representatives of OPEC member states to discuss the situation on the global oil market.

Along with this, the Russian energy minister has plans to visit the OPEC seminar due to be held in Vienna on June 3 to 4.

Delegations of Russia, Saudi Arabia, Mexico and Venezuela started discussions about sliding crude prices in Vienna on November 25, 2014. The sides agreed to monitor the situation and to hold regular meetings. But since then the oil price has stabilised so the negotiations on how to cut oil production are not so urgent.

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