Russian, Saudi energy ministers to have phone call today, says Russia's Novak

Global spare oil cap on US hands after Saudi outage, price surge likely

Russian, Saudi energy ministers to have phone call today, says Russia's Novak

There is enough oil in global stockpiles to replace barrels Saudi Arabia has temporary lost due to attacks on its oil facilities, Russia's energy minister Alexander Novak, an ally of Riyadh in a pact to curb supply, told reporters on Monday.

"We have spare capacity".

The minister said he was in touch with his Saudi counterpart, Abdulaziz bin Salman, following an attack on the kingdom's oil facilities and planned to talk to him later in the day. "There are volumes we can deal with as an instant reaction", Suhail al-Mazrouei told reporters in Abu Dhabi on Monday.

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Still, the UAE energy minister, as well as OPEC's Secretary General Mohammad Barkindo, said it was too early to rush into emergency meetings and put extra supply on the market, at least until Saudi Aramco provides the first updates about how long it would take to restore production.

The two men expressed their satisfaction that "the situation has been brought under control by the Saudi authorities", and agreed to continue to monitor the market and keep in regular contact over the next couple of days, the Opec source said.

"If there is a need, in case of an emergency, we always can get together and discuss some other parameters".

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"It's still early to talk about it", one of them said.

The extent of any action Opec excluding Saudi Arabia could take to boost supplies is limited, said a third Opec source.

"The issue for the market is that more than 70% of OPEC spare capacity sits in Saudi Arabia", Patterson noted.

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Novak said that Russian Federation was sticking to its commitments under the global oil production deal and it was premature to talk about any possibly changes to production levels.

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