Novak: rising oil output of other countries not to affect cuts agreement

Russian Energy Minister Alexander Novak 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."

Speaking on the sidelines of 22nd World Petroleum Congress in Istanbul, Novak also said that he does not foresee any problems or dispute on the OPEC agreement to cut production due to the crisis between Qatar and some other Gulf countries.

Novak held a bilateral meeting on Monday with Qatar's Minister of Energy and Industry Mohammed Bin Saleh Al-Sada during the congress.