Russia plans to maintain stable oil output of some 10.5m barrels

Russia plans to maintain the current oil production of about 10.5 million barrels per day as part of a long-term oil market strategy that will contribute to global energy security, Russian Energy Minister Alexander Novak said Wednesday.

"Russia's long-term strategy on oil markets is aimed at maintaining the current output at about 10.5 million barrels per day," Novak said at the OPEC International Seminar in Vienna.

Stable and reliable supplies of oil and oil products from Russia would help reduce the impact of possible shocks for global oil industry and strengthen global energy security, Novak said.

Novak noted that a global oil shortage might be caused within the next few years by hard-to-extract oil projects stalled by low oil prices. It could also be accompanied by abrupt price increases and political turbulence.