Russia backs plans to oil production

Cutting oil production is the best way to stabilize the market, Russian Energy Minister Alexander Novak has said in Istanbul at the World Energy Congress. 
Speaking at the congress on Oct. 12, Novak said the oil price issue was different than previous crises and was lasting longer than previously.

"We should participate in all discussions to have sustainable energy production and to avoid a crisis," the minister added. 

He explained that although production was relatively high, investor confidence was down because of low oil prices. "In the last two years, investments were reduced to $450 billion," Novak said.

Novak underlined the need for new investments, noting that if this fails to occur, the quality of energy resources and their diversity would be reduced. He offered to work with OPEC to stabilize market conditions. 

"We will not change the market process, we will just try to ameliorate market conditions. Today, not only producers but also consumers should think about these conditions," he said. 

Russian Energy Company Lukoil's vice president, Leonid Fedun, also said measures should be taken to prevent the impacts of low oil prices on investments.

"An $80 per barrel oil price would be the market's golden mean and the oil market needs a price that will ensure and attract investments," he said.

Nonetheless, he added that they did not expect an increase in oil prices in the short term.
 
Oil's central role in the global economy should not be left to chance against the attacks of speculators, Venezuelan Oil Minister Eulogio del Pino said at the same event. 

He highlighted that OPEC was in a position in which a lot of communication and cooperation was needed to obtain a consensus on...