Registration was successful!
Please follow the link from the email sent to

No Plans to Cut Oil Output in Russia in 2015: Energy Minister

© Sputnik / Dmitry Astakhov / Go to the photo bankRussian Energy Minister Alexander Novak
Russian Energy Minister Alexander Novak - Sputnik International
Subscribe
Energy Minister Alexander Novak said on Friday that in 2015 Russia plans to maintain the oil production volume at the 2014 level.

Fixed offshore ice-resistant platform of LUKoil Kaliningradmorneft in Baltic Sea - Sputnik International
Russia's LUKOIL, Iraq Discuss Joint Geological Prospecting Venture
SOCHI, November 28 (Sputnik) — Russia is not planning to reduce its oil production in 2015 amid a slump in oil prices on the global market, Energy Minister Alexander Novak said Friday.

"I'd like to stress that in 2015 we are planning to keep the production volume at the 2014 level, which is about 525-526 million metric tons," Novak told reporters in Russia's Black Sea resort of Sochi.

Over the past five months oil prices have fallen by about $40 per barrel.

The trend became even stronger on Thursday as the 12-member Organization of the Petroleum Exporting Countries (OPEC) decided at meeting in Vienna to keep the current daily oil production ceiling of 30 million barrels, immediately causing the price of Brent crude to fall below the benchmark level of $75 per barrel.

At Thursday's meeting in Vienna, the 12-member Organization of the Petroleum Exporting Countries (OPEC) decided to keep the current daily oil production ceiling of 30 million barrels, immediately causing the price of Brent crude to fall below the benchmark level of $75 per barrel.

Energy exports make up around half of Russia’s budget. On Friday, Russian Ministry of Economic Development said it might be required to revise the budget plan for 2015-2017, which is based on an oil price of $100 per barrel.

However, earlier in the day Russian President Vladimir Putin at a meeting with the new chief of French energy giant Total assured that oil prices will stabilize by mid-2015.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала