For the first time, Russia is raising the issue of cutting oil production if the price of oil falls below $ 40 per barrel.
Deputy Energy Minister Alexei Teksler said that at less than $ 40 a barrel, oil production is likely to be reduced, although the price only slipped below $ 49.
Russia has never before so openly shown its readiness to cut production even at significantly lower prices. This has angered some oil exporting countries. They require a concerted effort to stop the price drop.
Texler's statement does not give a clear signal to the Organization of the Petroleum Exporting Countries (OPEC), but only speaks of the likelihood of such an initiative. Amid the economic crisis, due to falling prices for major export goods and Western sanctions, the gross domestic product is expected to contract in 2015 by more than three percent, according to the Central Bank.
Russia is considering the possibility of reducing oil production
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Azovpromstal® 19 September 2015 г. 12:41 |
