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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.

End

06.12.2018 12:54
 
 
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