Russian energy chief advocates EU oil supply cut

Russia should cut oil supplies to "overfed" Europe, the chief of Russian pipeline monopolist Transneft has said.

Less than a week after Russia's state gas monopoly Gazprom threatened to shift gas supplies from the EU to North America or China, Transneft's president Semyon Vainshtok has now threatened Moscow could do the same with crude oil.

"We have overfed Europe with crude. And every single economic manual says that excessive supplies depress prices," Mr Vainshtok told the dail...