Russia Has No Plans to Cut Oil Output, Hails 'Positive' OPEC Decision

Russian Energy Minister Alexander Novak on Thursday said Russia intends to keep oil production at current levels, hailing OPEC's surprise decision to cut oil output.

"Everything will depend on the macroeconomic situation and companies' plans, but we are looking to keep current production volumes at the achieved level," he said, the day after the Organization of the Petroleum Exporting Countries agreed to cut oil production.

"It was a very positive decision yesterday," Novak said, adding the agreement "will allow to lower price volatility that we can see today, lower the speculative factor in price volatility."

"I think we can see already today that the market reacted positively," he said.

The oil cartel late Wednesday agreed to cut production by 750,000 barrels a day.

Russia, which is not an OPEC member, is currently producing record amounts of oil, its main export commodity.

The minister reiterated that Russia would like to see prices climb to $50-60 a barrel -- which "would allow to satisfy both the interests of producers and consumers."

He added that Russia will continue consultations with OPEC members. "Russia will closely examine the propositions that will be finalized and we will hold active consultations, talks with our colleagues, over these months."