08:01 GMT +307 December 2019
Listen Live
    Oil Pump Jack

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

    © Flickr / Neal Wellons
    Get short URL
    0 36

    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.

    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.


    Russo-Saudi Oil Agreement May Leave US Hawks Out in the Cold
    Maduro's Call to Beef Up Oil Prices at OPEC Summit Likely to Fade
    Cheap Oil Prices Render US Shale Drilling Unprofitable
    Oil, energy, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik