Energy minister: Russia not to cut oil production

MOSCOW, Dec 3 (PRIME) -- Russia thinks it is unreasonable to reduce oil production, Energy Minister Alexander Novak told reporters Thursday.

“We have said many times that we do not believe it reasonable to reduce oil production, because we have other conditions… Russia is not a player on the oil market that puts pressure on an increase of supply on the market. Yes, we are the largest producer and exporter, but as you know we pursue a policy to maintain earlier output,” Novak said.

In 2014, Russia’s oil output rose 0.7% to 526.8 million tonnes. Under the Energy Ministry’s estimates, annual oil output will amount to 533 million tonnes in 2015–2016 and will start decreasing by up to 10 million tonnes a year in 2017.

Novak also said he did not expect OPEC leaders to change an oil production quota at a meeting on Friday.

At its latest meeting on June 5, OPEC kept oil production quota unchanged at 30 million barrels a day. The OPEC members usually exceed the established quota.

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