Russia’s energy minister, Alexander Novak, said there is enough oil in global stockpiles to replace barrels Saudi Arabia has temporary lost due to attacks on its oil facilities.
Minister Novak says the world has enough commercial stockpiles to cover the shortage in the mid-term.
Mr. Novak adds that Russia is sticking to its commitments under the global oil production deal and it was premature to talk about any possible changes to production levels.
Saudi Arabia, the United States and China have hundreds of millions of barrels of oil in strategic storage.
The International Energy Agency, which coordinates energy policies of industrialized nations, advises all its members to keep the equivalent of 90 days of net oil imports in storage.
