| Oil prices of $60-70 per barrel are comfortable for the market, Russian Energy Minister Alexander Novak told the Russian parliament on Wednesday. "A joint consolidated view of all market participants, exporting countries, is that oil prices of $100 and higher we saw earlier will not be seen in the nearest future," Novak said.
He added that domestic energy companies had cut investments by around 5 to 10 percent this year due to weak oil prices comparing with some 30 percent among global competitors. Russia is the largest oil producer outside OPEC. Last week, OPEC decided to maintain its production target despite weak oil prices. OPEC had earlier signaled it would be ready for a cut only if non-OPEC producers such as Russia join the move...............................................Full Article: Source
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