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Russia Might Reduce Oil Production
November 22, 2014 16:25


Russia agreed to consider reduction in oil production volume for the support of global oil prices.

The Russian Government is working on the possibility of reducing oil production volumes for maintaining its prices. This was announced by the Energy Minister Aleksandr Novak, according to TASS.

Novak specified that no certain decision has yet been taken. The Minister added that the technologies in Russia differ from those in Saudi Arabia, so it will be difficult for Russia to quickly reduce or increase oil production. Oil prices have fallen by more than 30 dollars in recent months, dropping to multi-year lows in November.

The reason was a drop in demand for raw materials due to the slowdown in global economic growth, as well as supply growth in the US, Iraq and Libya. In late November OPEC will hold a regular meeting which will decide whether the production quotas will be reduced or not.

The main proponents of quotas are Iran, Venezuela and Kuwait, which incurred the greatest losses due to the lowering of prices. Now Russia is one of the largest oil producers in the world. By year end its oil production should exceed 520 million tons. Together with gas condensate it will make up nearly eleven million barrels per day. Besides, Saudi Arabia surpasses Russia by far in the volume of exports to the world market.

Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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