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World oil prices

Russian ministry believes conflict around Qatar not endangering oil cuts agreement

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Qatari quagmire should be settled through diplomatic channels — Foreign Ministry

MOSCOW, July 10. /TASS/. Russian Ministry of Energy does not think Qatari diplomatic crisis endangers the agreement on reducing the daily output of crude oil in any way, Energy Minister Alexander Novak said on Monday.

"I had a meeting with the Qatari Energy Minister earlier today and we discussed the situation on the market and our relations," Novak said.

"He stressed once again his country's commitment to all the obligations the signatories took up (in terms of reduing the output of crude -TASS]."

Other risks

Alexander Novak also said he does not see any risks of invalidating the effects of the OPEC oil output reductions deal by an increase of output in the US, Libya, Nigeria, and Canada.

"We assess the situation on the whole, proceeding from the blanace of supply on the market," Novak said. "The carryovers of stock last week in the US reduced by 14 million barrels and the demand will start growing now."

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