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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.