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25.06.2011

Russia: IEA Move on Supply "Understandable"

The International Energy Agency did not consult Russia before deciding to release oil stock, Russian Finance Minister Alexei Kudrin said on Friday. Kudrin added that despite this, the move was "understandable".

"The situation today is special. I think the (IEA's) decision is linked to that fact and we view the decision with understanding," Kudrin said during a Russian-Italian meeting on economic and financial cooperation.

Kudrin said he did not expect the decision to have a significant impact on the Russian market.

The decision comes after OPEC  earlier this month decided to not increase its output although Saudi Arabia had promised to supply the market with the crude it needed.

Russia does not belong to either the IEA or OPEC.

Copyright 2011, Reuters. All rights reserved.

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