Russia and other leading oil producers may boost oil output
further if supply shortages hit the global oil market, Russian Energy Minister
Alexander Novak said on Friday.
The expected drop in Iranian crude exports this year due to
renewed U.S. sanctions, coupled with a decline in Venezuela’s production and
outages in Libya, Canada and the North Sea have driven oil prices to their highest
since 2014 in recent weeks.
OPEC and other key producers including Russia responded to the
tightness by easing a supply-cut agreement in June.
The deal effectively increases combined oil output by 1 million barrels per day
(bpd), of which Russia’s share stands at 200,000 bpd.
“If we need more than 1 million bpd, I don’t rule out that we
can quickly discuss it and make a quick decision,” Novak told reporters, adding
that the leading oil producers can get together and discuss the market
situation at a teleconference.