MOSCOW (Reuters) – Russia and other leading oil producers may boost oil output further if supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said on Friday.<\/p>\n
The expected drop in Iranian crude exports this year due to renewed U.S. sanctions, coupled with a decline in Venezuela\u2019s production and outages in Libya, Canada and the North Sea have driven oil prices to their highest since 2014 in recent weeks.<\/p>\n
OPEC and other key producers including Russia responded to the tightness by easing a supply-cut agreement in June.<\/p>\n
The deal effectively increases combined oil output by 1 million barrels per day (bpd), of which Russia\u2019s share stands at 200,000 bpd.<\/p>\n
\u201cIf we need more than 1 million bpd, I don\u2019t rule out that we can quickly discuss it and make a quick decision,\u201d Novak told reporters, adding that the leading oil producers can get together and discuss the market situation at a teleconference.<\/p>\n
He also said Russia may surpass the 200,000 level of increases if there is a need for it.<\/p>\n
The International Energy Agency said on Thursday that there were already \u201cvery welcome\u201d signs that output from leading producers had been boosted and may reach a record.<\/p>\n
The global energy watchdog however said the disruptions underscored the pressure on global supplies as the world\u2019s spare production capacity cushion \u201cmight be stretched to the limit\u201d.<\/p>\n
Novak said higher crude prices this year would add 2.5 trillion rubles ($40.14 billion) to state coffers this year.<\/p>\n
The minister also said that the war of tariffs between the United States and China have a negative impact on the global economy and boosted oil price volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"
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