Support The Moscow Times!

Energy Minister Dismisses Idea of Creating Oil Reserves in Russia

SOCHI — Russian Energy Minister Alexander Novak said Friday that he thought the idea of creating oil reserves in Russia was impractical and that the issue was not under discussion.

Russia, the world's second-largest oil exporter, unlike Saudi Arabia, cannot quickly cut or raise exports to influence global oil prices.

The chairman of the board of directors of oil producer Rosneft said this week that Russia should revive the idea of creating a state oil reserve for use when markets are volatile.

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.