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Russia’s Novak says no proposals to alter oil pact despite Venezuela

© Reuters. Russian Energy Minister Novak arrives at the OPEC headquarters in Vienna
© Reuters. Russian Energy Minister Novak arrives at the OPEC headquarters in Vienna

SOCHI, Russia (Reuters) – Russian Energy Minister Alexander Novak said on Thursday that there are risks for global oil markets from the political crisis in Venezuela, yet there are no proposals to reverse the global oil production cut deal.

Novak said Russia has cut its oil production under a pact between OPEC and non-OPEC producers by 80,000-90,000 barrels per day from its level in October, Moscow’s reference level for its cuts.

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Source: Investing.com