Russian Energy Minister, Alexander Novak, on Monday, told reporters that the Global commercial oil inventories will cover the deficit in the oil market because of the attacks on major oil infrastructure in Saudi Arabia.
Novak revealed to reporters when asked on if Russia needs to boost its oil production to influence Saudi, he noted that as carried by the RIA Novosti would depend on Saudi Arabia’s assessment of the evaluation of the extent of the impact on Saudi oil production and deliveries.
“There are enough commercial inventories in the world right now to cover a shortage in the medium term,” Novak noted.
Furthermore, OPEC has announced its capacity and willingness to respond to supply shortages after the attacks on the oil infrastructure that took more than half of Saudi Arabia’s crude oil production offline, Suhail Al Mazrouei the Energy Minister of the United Arab Emirates (UAE) noted yesterday.
Although, the Energy Minister of UAE, and OPEC’s Secretary-General Mohammad Barkindo, carefully noted that it was too early to rush into emergency meetings and put extra supply on the market until Saudi Aramco provides the first updates about how long it would take to restore the lost production.