December 21, 2018 / 7:45 AM / in 5 months

Russia says oil producers will keep watching prices for now

FILE PHOTO: Russian Energy Minister Alexander Novak and UAE's Oil Minister Suhail Mohamed Al Mazrouei and OPEC Secretary General Mohammad Barkindo attend a meeting in the OPEC headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Friday that oil producers who agreed a deal on cutting production will continue to monitor prices, indicating he does believe an emergency meeting between OPEC and other oil producers is necessary.

Oil prices are down more than 30 percent from their peak in October on concerns oil demand will drop because of a slowing global economy and signs of a supply glut.

“I believe that we should monitor, the end of the year is not indicative,” Novak told reporters at an event, when asked to comment on falling oil prices and the possibility of an extraordinary meeting between the Organization of the Petroleum Exporting countries and other oil producers.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Susan Fenton

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