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Drop in Russia's Oil Extraction Possible If Prices Fall Beyond $40/Bbl

Russia could possibly reduce its extraction of oil should the prices drop below $40 per barrel, Russian First Deputy Energy Minister Alexei Teksler said Friday.

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MOSCOW (Sputnik) – World oil prices have fallen by nearly two-thirds since mid-2014 due to market oversupply, with Brent crude averaging $48.94 per barrel and WTI $45.68 per barrel as of September 16.

“If [oil] prices drop to $40 or lower, then we will most likely see a reduction in oil extraction,” Teksler told journalists.

“Anything can happen. A price of $20 per barrel won’t last long…anything’s possible, but in the long run this is highly unlikely,” he said.

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