Novak: Russia not planning to cut oil output, will diversify maritime supplies at discount that should be compensated through price growth

MOSCOW. March 21 (Interfax) - Russia is not planning to reduce production of oil, and it is diversifying maritime supplies, Russian Deputy Prime Minister Alexander Novak said during a meeting with the country's political parties in the State Duma.

"Oil is not a pipe, basically. It is mainly tankers that can be put into other modes. We will create logistics plans and supply chains. In principle, companies are already doing this," Novak said at the meeting.

"If oil sells at a discount, then it will be readily bought as it is today. We will earn less, but we could add oil," Novak continued, stressing that if prices rise further, then it would be profitable to sell crude even at a discount.