Russian Adherence to OPEC Deal Not to Affect Exploration Plans - Official

Possible reduction of oil production in Russia under the framework of an agreement with OPEC will not affect oil and gas companies' plans to conduct exploration work, Russian Natural Resource Minister Sergei Donskoi said Tuesday.

MOSCOW (Sputnik) — On November 30, OPEC agreed for the first time since 2008 to impose an oil production ceiling totaling 32.5 million barrels per day in an effort to stabilize the global oil market and raise the prices. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.

"In fact, it [deal] should not affect [exploration plans] because the volumes of exploration are currently long-term, and what is being carried out now will not be affected next year but in later periods," Donskoi told journalists.