"Today there are big risks of oversupply", Russian Energy Minister Alexander Novak said in the Russian capital, where he talked with his Saudi counterpart at a meeting of the countries' intergovernmental commission.
"I don't think there will be a need to deepen the cut". Novak was speaking at a joint briefing with Saudi Energy Minister Khalid al-Falih, who was in Russian Federation for meetings with Novak and Vladimir Putin, weeks before OPEC and its Russia-led partners are set to decide how to proceed with their oil market management policies in place since 2017.More news: Kim Kardashian shares first close-up photo of son Psalm West
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Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russian Federation should keep supplies restricted at current levels, and in relief that the United States withdrew a tariff threat against Mexico, removing a cloud over the global economy, reports Trend citing to Reuters. Crude inventories rose 6.8 million barrels. "I will wait for them to work it out", he said.
The G-20 ministerial meeting on energy is scheduled for June 15-16 in Nagano, while the final leaders' summit will take place on June 28-29 in Osaka.
President Vladimir Putin said last week that Russian Federation and the Organization of the Petroleum Exporting Countries disagreed over what constituted a fair oil price, but that they would decide at the meeting. Yet crude has since dropped more than 10% as the U.S.
SINGAPORE, June 11 (Reuters) - Oil prices rose on Tuesday in line with firmer financial markets and bolstered by expectations that producer group OPEC and its allies will keep withholding supply. They include the Arctic LNG 2 gas project - in which Aramco is still willing to buy a stake - and others with Gazprom PJSC and Rosneft PJSC, he said.