Russia’s Novak: Russia does not use stocks in tanks to help boost oil output - Reuters

Russia’s Energy Minister Alexander Novak said in a Reuters interview late-Thursday that Russia does not use stocks in tanks to help boost oil output and does not have enough stocks to regulate the oil markets.

Novak said: “Transneft, of course, has its own oil storage facilities for the technological process. But we, of course, do not have large (storage) capacity which would regulate the market.” 

His comments come after three industry sources told Reuters in July, Russia used stocks held in tanks at its oilfields to help boost crude production in June.