Russia's Novak: we should continue with global oil output cut

MOSCOW: A global deal to cut oil output led by OPEC and Russia should continue, Russian Energy Minister Alexander Novak said on Tuesday, adding that the situation required further analysis and the oil market surplus was not yet balanced.

"Right now, I think the agreement must continue and not react to momentary, passing changes. I believe we need to be consistent and stable in our decisions and make our judgements carefully, based on long-term thinking" Novak said, speaking at the annual Gaidar forum.