Russia Should Join OPEC if Organization Reduces Oil Extraction: Lawmaker

© AP Photo / Bela SzandelszkyOPEC ministers and delegates gather for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) at its headquarters in Vienna, Austria. (File)
OPEC ministers and delegates gather for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) at its headquarters in Vienna, Austria. (File) - Sputnik International
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The OPEC states will unlikely make any decisions on cutting oil production on November 27, because not enough time has passed since the price fall began, Russian lawmaker said.

MOSCOW, November 24 (Sputnik) — Russia should join the efforts of the Organization of the Petroleum Exporting Countries (OPEC) if the organization decides to reduce the amount of oil extraction, the deputy chairman of the energy committee in Russia’s lower house of parliament said Monday.

OPEC ministers and delegates gather for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) at its headquarters in Vienna, Austria. (File) - Sputnik International
Russia and OPEC: An Unlikely Alliance
"What Russia can do is to join OPEC countries in lowering oil extraction amounts," Pavel Zavalny said at a conference at Rossiya Segodnya press center, adding that reducing the amount of oil extraction is necessary because "all the players are interested in not having such [price] leaps."

According to Zavalny, however, lowering oil production is "practically impossible" because most of it is contracted. "We have contracts, and to cut production means not to live up to obligations. This has to be discussed," Zavalny said.

"I will not be surprised if OPEC states don't make any decisions on cutting production on November 27, because not enough time has passed since the price fall began. It is more important to understand the fundamental reasons behind the fall," Zavalny said.

Russia and Saudi Arabia are against an artificial influence on the oil market, Russian Foreign Minister Sergei Lavrov said. - Sputnik International
Lavrov: Russia, Saudi Arabia Stand Against Manipulating Oil Market
Oil prices have recently fallen due to increased oil production by the Organization of the Petroleum Exporting Countries (OPEC) countries. At their meeting in Vienna on November 27, OPEC members are expected to announce whether they will cut output to prop up prices amid worsening forecasts for consumption and the significant global increase in oil production.

Earlier in November, addressing the issue of oil prices, Russian Foreign Minister Sergei Lavrov said that Russia, as well as its partners in Saudi Arabia, is against the artificial manipulation of prices "as the result of some sort of political plans." Prior to OPEC meeting in Vienna, Russia is also planning to discuss the situation with falling oil prices with Venezuelan representatives.

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