Russian Energy Ministry sees risks for oil market due to uncertainty in Venezuela

Russian Energy Ministry sees risks for oil market due to uncertainty in Venezuela

Russian Energy Minister Alexander Novak said there are risks for global oil markets from the political crisis in Venezuela, yet there are no proposals to reverse the global oil production cut deal.

"That uncertainty has an impact on the market, of course. The market responds to that," TASS cited Novak as saying.

According to the minister, Russia has cut its oil production under a pact between OPEC and non-OPEC producers by 80,000-90,000 barrels per day from its level in October, Moscow's reference level for its cuts.

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