In Oil & Companies News 04/06/2015
Russian Energy Minister Alexander Novak said that no one at OPEC was suggesting the oil producer group cut production when it meets later this week.
“I have met almost everyone from OPEC and I have not heard from anyone any suggestions to reduce production,” said Novak, in Vienna to speak at an OPEC seminar.
“The cycle is coming to an end and the market mechanisms are working,” he said in reference to a slowdown in U.S. oil production.
Novak’s country is one of the world’s biggest oil producers but not a member of OPEC, which meets on Friday to decide on production policy for the next six months.
