6/23/2018, 11:33 AM (Source: TeleTrader)
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Novak: Kremlin backs global oil output increase

Russia's Minister of Energy Alexander Novak (pictured right) welcomed on Saturday the initiative of the Organization of the Petroleum Exporting Countries for a coordinated increase in supply by one million barrels per day. Seen here with the cartel's Secretary General Mohammed Barkindo, the Kremlin's top oil official told journalists in Vienna that his government, which leads a group of other oil producing countries, supports the change in the global deal.

OPEC's decision is in line with the proposals that were worked out by the monitoring committee for rebalancing the market, Novak said before the final decision and called the quota "reasonable."

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