There is enough oil in global stockpiles to replace barrels Saudi Arabia has temporary lost due to attacks on its oil facilities, Russia’s energy minister Alexander Novak, an ally of Riyadh in a pact to curb supply, told reporters, Reuters reports.
Asked whether Russia was ready to increase production, Novak said that Saudi Arabia would first give its estimate of the attacks consequences.
“But currently, we understand that the world has enough commercial stockpiles to cover the shortage... in the mid-term,” Novak said, adding he planned to have a call with newly appointed Saudi counterpart, Prince Abdulaziz bin Salman.
Novak said that Russia was sticking to its commitments under the global oil production deal and it was premature to talk about any possibly changes to production levels.
