Russia's Novak questions Saudi decision to increase oil output capacity

Russian Energy Minister Alexander Novak said on Wednesday that Saudi Arabia’s plans to increase oil production capacity is “probably not the best option” as disagreements over oil output policy between the two suppliers intensify, Reuters reports.

Saudi Arabia is “taking the initiative to promote its products” on global markets, Novak said.

He added that Russia is engaging in a lot of phone calls with OPEC and non-OPEC members, but that no partners have agreed to Russia’s proposal for current oil output cuts to remain unchanged.