Energy Minister says crude output cut more difficult for Russia - Oil & Gas - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Energy Minister says crude output cut more difficult for Russia

ST. PETERSBURG, Dec 6 (PRIME) -- RussiaТs geological and climate characteristics make oil output reduction difficult for the state, especially in winter, Energy Minister Alexander Novak told reporters on Thursday.

УWe have a special climate period in winterЕ We said earlier that any reduction is more difficult for us than for other states due to our geological and climate characteristics. This is a specific feature of our oil industry,Ф he said.

On Wednesday, the ministerial monitoring committee for OPEC+ deal compliance recommended a further production cut without defining the volumes. On Tuesday, Reuters reported that OPEC and non-OPEC states may postpone the reduction due to RussiaТs resistance to a significant cut.

Novak also said that OPEC and its allies make decisions basing on the industryТs fundamentals, not U.S. President Donald TrumpТs tweets.

On Wednesday, Trump said in a Twitter message he hoped that УOPEC will be keeping oil flows as is, not restricted, (as the) world does not want to see, or need, higher oil prices.Ф

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil production to rebalance the market. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day due to a favorable market environment.


06.12.2018 12:54
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 71.8369 -0.0058 24 may
USD 64.4913 +0.0757 24 may
Stock Market Indices
1D 1W 1M 1Y
rtsi 1285.27 +0.77 12:29 24 may
micex 2637.33 +0.71 12:29 24 may
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 208.81 -0.02 12:13 24 may
lkoh 5300.50 +0.48 12:13 24 may
rosn 425.60 +2.05 12:13 24 may
sber 234.11 +2.10 12:13 24 may
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 72.0225 +0.3125 14:59 24 may
USDTD 64.8200 +0.5275 17:44 24 may