Russia's energy minister believes it should continue to reduce production becaus

Novak, Russia's energy minister, said Tuesday that the global oil reduction agreement led by the organization of Petroleum Exporting Countries (OPEC) and Russia should continue to carry out, because the market is still unbalanced. Alexander Novak said
"At present, I think this agreement must continue to be implemented, and those temporary changes should not be ignored." Novak told reporters in the gap of attending the Gaidar annual forum.
"I believe we need to keep the consistency and stability of our decisions and make a prudent decision on the basis of long-term considerations," he said.
Novak said on Friday that it would discuss at the Oman meeting in January 21st whether it would be possible to gradually end the reduction agreement. The current production reduction agreement is completed by the end of 2018.
He told reporters Tuesday that oil prices were not regarded as an important indicator of overriding, and the market's balance of supply and demand was more important.
He said it was not sure whether the current oil price could be maintained for a long time, and the cold weather could have an impact. Cold climates tend to push up oil prices. He still insists that oil prices are expected to remain unchanged at $50-60 a barrel in 2018.