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Novak says commercial oil stocks enough to cover Saudi losses

Moscow — Russian energy minister Alexander Novak said Monday that commercial oil stocks are sufficient to cover any deficit in the market as a result of attacks on Saudi oil infrastructure, the Prime news agency reported.

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"At present, there are enough commercial reserves in the world to ensure that in the medium term the oil shortage that we see can be covered by supplies from commercial reserves," Novak said.

Saudi officials said Saturday that fires caused by "terrorist attacks" had caused 5.7 million b/d of crude production ? half of the kingdom?s capacity -- to be shut in, along with 2 Bcf/d of associated gas that produce about 700,000 b/d of NGLs.

Drones attacked Saudi Aramco's Abqaiq processing facility and the Khurais field.

At 2:47 pm in Singapore (0647 GMT), ICE Brent November futures spiked $5.81/b (9.65%) from Friday's close at $66.03/b, while the NYMEX October light sweet crude futures contract echoed similar strength, rising $4.82/b (8.79%) at $59.67/b.

When asked if Russia may increase output to compensate for the drop in Saudi production, Novak said it depends on how long it takes Saudi oil output to recover from the incident.

"It all depends on a speedy assessment of the consequences, which is being carried out by our Saudi colleagues, from there it will be possible to understand the scale of the impact on production volumes and supplies," he said.

Novak added that an assessment of damage to Saudi infrastructure and the market impact are needed before deciding on whether to hold an extraordinary OPEC+ meeting.

"We always have that option, but it all depends, really on assessing the impact on the market in the longer term. We need to see how the situation really develops, particularly repairs to this infrastructure in Saudi Arabia, it will depend on this," Novak said.

Novak added that the current OPEC+ production cut agreement remains in place and participants should comply.

"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.

Novak said he is in contact with Saudi energy minister Prince Abdulaziz bin Salman and plans to speak to him today.

Russian President Vladimir Putin's spokesman Dmitry Peskov said Monday that the Saudi attacks may be discussed during a meeting between Putin and Turkish President Tayyip Erdogan and Iranian president Hassan Rouhani sched

--Rosemary Griffin,

--Edited by Claudia Carpenter,