Russia’s energy ministry is discussing potential oil production cuts

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Russia’s energy ministry is discussing potential oil production cuts with local producers and will continue the production cut talks to come up with a position by the OPEC/non-OPEC meeting in early December, Energy Minister Alexander Novak said on Monday.

Russia is fine with the oil price of around $70 per barrel, President Vladimir Putin told a press conference last Thursday.

“A reasonable price both for producers and consumers is needed,” he said. “What we are having now, what has been recent – around $70 (per barrel) – is just fine for us,” Putin added.

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