Russia sees no need for oil cuts as shortage looming

Russia believes global oil output cuts will have a short-lived effect and made no sense given a looming global supply shortage in the medium term, Energy Minister Sergei Shmatko said on Wednesday.
“According to various estimates, there will be a serious shortage of oil supply, maybe in one, maybe in two-three years,” Shmatko told reporters.
“It will coincide with the end of the global economic crisis and will lead to serious instability, including in the pricing of oil,” he said. “A simple cut in production can, in our view, have only a short-lived impact.”
Guardian