All doping tests of Russian players at 2014 FIFA World Cup are negativeSport June 25, 15:10
Police refrains from calling Newcastle incident a terrorist attackWorld June 25, 13:14
Putin offers condolences to Pakistan’s president over fire victimsRussian Politics & Diplomacy June 25, 12:39
Fire of fuel tank kills 123 people in Pakistan - TVWorld June 25, 7:58
Muslims worldwide celebrate Eid al-FitrSociety & Culture June 25, 5:18
Mexico knocks out Russia from FIFA Confederations Cup with 2-1 win in KazanSport June 24, 19:59
Putin visits Crimean youth camp ArtekSociety & Culture June 24, 19:42
Conflict around Qatar should be settled by diplomatic means - source at Foreign MinistryRussian Politics & Diplomacy June 24, 16:44
More than 237,000 fans attend Confederations Cup matches already - Deputy PM MutkoSport June 24, 15:03
ST. PETERSBURG, June 17. /TASS/. No reasons are in place to contract or freeze oil production at its current price, Russian Energy Minister Alexander Novak on Friday in an interview at the St. Petersburg International Economic Forum (SPIEF).
"There is no need to deal with the ‘freeze’ at such a price now. I believe the price is fairly comfortable for oil markets now; no reasons exist to cut or freeze production," Novak said.
The current situation is that production declines in many countries in any case, the minister said.
"To this end there is no need to definitely agree upon the freeze now. We see production drops in the United States, Brazil and Mexico. We need to look at the overall balance," Novak added.
The minister added it will take at least one year for oil to find fundamental demand and supply balance.