Russia to slightly cut oil output this year - Novak

Oil production in Russia is currently somewhat lower than the forecast for this year due to the decrease in crude refining, but it will be ramped up as refineries are restored, Russian Deputy Prime Minister Alexander Novak said on the sidelines of the Eastern Economic Forum (EEF).

"We are partly seeing a decline in [oil] production volumes now compared to forecast figures, including due to underutilization of oil refineries because of unscheduled repairs," Novak said.

The PM added that this is a temporary phenomenon, as refineries come on line and the situation stabilizes, production will increase.