May 24, 2018 / 8:08 PM / a month ago

Russia flexible on oil output levels but wants consensus - Novak

ST PETERSBURG (Reuters) - Russian Energy Minister Alexander Novak said on Thursday that Moscow was flexible regarding possible changes to oil production levels but insisted that any decision be consensual.

FILE PHOTO - A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, northwest of Ufa, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo

“We’re flexible on taking any decisions including decisions on changing production levels,” Novak told CNN. “But this should be a unanimous decision by all parties involved.”

Novak added that the global oil glut was over.

OPEC and non OPEC states will convene in Vienna next month to discuss the future of the global deal on oil output.

Reporting by Rania El Gamal in Dubai; Writing by Gabrielle Tétrault-Farber; Editing by Alexandra Hudson

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