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Russia To Meet OPEC Over Oil Production Cut

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Russian authorities have stated that they are still open to meeting OPEC on oil production cut after an initial price conflict with Saudi Arabia.

Russia To Meet OPEC Over Oil Production Cut
Russian President Vladimir Putin (R), accompanied by Igor Sechin, the CEO of oil giant Rosneft, meets with participants of Rosneft privatisation deal: (all not pictured) Bank Intesa CEO Carlo Messina, Glencore CEO Ivan Glasenberg and Sheikh Abdulla bin Mohammed bin Saud Al-Thani, chief executive of the Qatar Investment Authority (QIA), at the Kremlin in Moscow on January 25, 2017. / AFP / POOL / Alexander NEMENOV (Photo credit should read ALEXANDER NEMENOV/AFP via Getty Images)

Russia’s Energy Minister, Alexander Novak, said the second-largest oil producer had not shut its doors on deliberation, stating that it could still reach agreeable terms with OPEC and non-OPEC countries.

“I want to say the doors aren’t closed,” Novak said, adding that the fallout with OPEC members “does not mean that in the future we can’t cooperate with OPEC and non-OPEC countries.”

According to him, “If necessary we have various tools including reduction and increasing production.”

He, however, said Russia has been competitive because of low production cost, “We have the potential for growth in production. I think in the short-term we can increase by 200-300,000 barrels (per day) with the prospect of 500,000 barrels, that’s in the near future.”

But Novak said a meeting had been planned for “May or June to assess the situation on the market.”

 

Adelowo Adegboyega
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