CNBC | Russia not to blame for oil glut: Energy minister CNBC Russia is not to blame for a global glut in oil that has caused prices to slump over the last 16 months, and the country's energy minister pointed the finger at U.S. shale oil producers and the Organization of Petroleum-Exporting Countries (OPEC). A ... Oil Prices Marginally Higher, Despite Oversupply Concerns Is OPEC Losing Its Power? US Oil Frackers Flex Production Muscles Oil market glut will persist through 2016, says IEA |