Russian Energy Minister: Can increase production to fill Saudi oil production gap, but not too quickly

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 Russian Energy Minister: Can increase production to fill Saudi oil production gap, but not too quickly


Russian Energy Minister Nowak (Tuyuan: Reuters)

Overseas Network, September 16 (Reuters) - Russian Energy Minister Alexander Nowak commented on the attack on two important oil facilities in Saudi Arabia, which affected global energy security, but still had sufficient oil reserves to offset the production gap.

Nowak said in an interview with the media on the 16th that he would call Saudi Energy Minister Abdulaziz Ben Salman later that day. Both sides have maintained contact and monitored the situation.

Asked whether Russia needed to increase production to offset the Saudi gap, Nowak said: At present everything depends on Saudi Arabias assessment of the consequences of the attack, which will directly affect the size of global production. At present, the global commercial oil reserves are sufficient to fill the short and medium-term oil gap.

According to earlier Russia Today news, US President Trump and US Energy Secretary Perry have said that the United States is ready to deploy its oil reserves to offset any damage to the oil market caused by aggression.

(function () {(window. slotbydup = window. slotbydup | []). push ({id:6374560, container:ssp_6374560, size:300,250, display:inlay-fix, async: true});} (); by contrast, Nowak believes that there is no need for any emergency measures for the time being. Asked whether Russia would continue to reduce production in full compliance with the agreement, Nowak stressed: The basic parameters of the Global Oil Reduction Agreement have not changed. Every country should fulfil its obligations in accordance with the agreements we reached in Abu Dhabi. If necessary, in emergencies, we will come together to discuss the variables that arise. But its too early to talk about that. Nowak said. Nevertheless, Nowak said the attack was a wake-up call and would reassess and improve Russias infrastructure security. According to a statement issued by Saudi Ministry of Energy on the 14th, two oil facilities in Saudi Arabia were attacked and fires triggered, seriously disrupting Saudi crude oil and gas production, affecting about 50% of daily production. According to preliminary estimates, the attack resulted in a loss of 5.7 million barrels of Saudi crude oil per day and 2 billion cubic feet (56.63 million cubic meters) of natural gas per day. International oil prices jumped 15% to their highest level in nearly four months. Source: Overseas Network Responsible Editor: Xing Haibo_NBJS8850

In contrast, Nowak argues that there is no need for any emergency measures for the time being. Asked whether Russia would continue to reduce production in full compliance with the agreement, Nowak stressed: The basic parameters of the Global Oil Reduction Agreement have not changed. Every country should fulfil its obligations in accordance with the agreements we reached in Abu Dhabi.

If necessary, in emergencies, we will come together to discuss the variables that arise. But its too early to talk about that. Nowak said.

Nevertheless, Nowak said the attack was a wake-up call and would reassess and improve Russias infrastructure security.

According to a statement issued by Saudi Ministry of Energy on the 14th, two oil facilities in Saudi Arabia were attacked and fires triggered, seriously disrupting Saudi crude oil and gas production, affecting about 50% of daily production. According to preliminary estimates, the attack resulted in a loss of 5.7 million barrels of Saudi crude oil per day and 2 billion cubic feet (56.63 million cubic meters) of natural gas per day. International oil prices jumped 15% to their highest level in nearly four months.