Russia ’s energy minister said his country hasn’t decided to cut oil production as he prepares to meet with OPEC ministers to discuss the crude market. Russia is already helping to balance the oil market by keeping output steady, Alexander Novak said today in an interview with state TV channel Rossiya 24. There’s only a small chance the Organization of Petroleum Exporting Countries will agree to reduce output at a meeting this week, he said. “We are not Saudi Arabia, which has the ability to reduce production quickly, ramp up quickly,” Novak said. It’s open question whether an agreement would affect prices, he said. His comments run counter to a report in Kommersant newspaper today that Russia may cut production by 300,000 barrels a day next year to support OPEC reductions of more than 1 million barrels. The group is considering action to boost prices after oil plunged more […]