Amid negotiations about a reduction of oil production between members of the Organization of the Petroleum Exporting Countries (OPEC), Russia reported its highest post-Soviet record oil output.
Russia's ministry of energy announced Saturday that in September it pumped a record 11.1 million barrels per day (bpd), the most since the demise of the Soviet Union and 4% above the previous output of 10.7 million bpd, according to preliminary estimates.
Russia, as well as OPEC members, has struggled with the long recession as oil prices stay below $50 a barrel. In 2008, as a result of the financial crisis, oil prices plunged from $147 a barrel to less than $35.
On Wednesday, during the informal meeting in Algiers, for the first time in eight years, OPEC agreed to outline a deal that limits oil output. "We decided the range of production for OPEC of 32.5 to 33 million barrels a day should be divided between OPEC member countries," Iranian minister Bijan Namdar Zanganeh said after the meeting. Working out an output freeze as well as the levels of production by each country is the goal of the next formal meeting in Vienna slated for November. However, some doubt whether OPEC will follow through on the commitments made at Algiers.
Russia's oil minister, Alexander Novak, said after the Algiers agreement was announced, that "Russia will carefully consider those proposals which will be eventually drawn up", but "our position is keeping the volume of production at the level that has been reached." Nevertheless, Russia is flexible and is open for joint OPEC efforts to stabilize the oil market.
Russia is dependent on oil and gas for about 40% of its budget revenues. The country's position is complicated by the fact that much of its output comes from companies having private shareholders. Thus, according to Amrita Sen, the chief oil analyst at Energy Aspects, "Russia is unlikely to [join a freeze deal]."
As Emmanuel Ibe Kachikwu, Nigeria's oil minister, said "even if we have a freeze, what difference does it make?" if the US raises its output when prices rise. "Someone will just move in and take over that market share. Whether at the end of the day the freeze itself will be sufficient to impact the market in a way that we expect is also still questionable," he added.
The fact of registration and authorization of users on Sputnik websites via users’ account or accounts on social networks indicates acceptance of these rules.
Users are obliged abide by national and international laws. Users are obliged to speak respectfully to the other participants in the discussion, readers and individuals referenced in the posts.
The websites’ administration has the right to delete comments made in languages other than the language of the majority of the websites’ content.
In all language versions of the sputniknews.com websites any comments posted can be edited.
A user comment will be deleted if it:
does not correspond with the subject of the post;
promotes hatred and discrimination on racial, ethnic, sexual, religious or social basis or violates the rights of minorities;
violates the rights of minors, causing them harm in any form, including moral damage;
contains ideas of extremist nature or calls for other illegal activities;
contains insults, threats to other users, individuals or specific organizations, denigrates dignity or undermines business reputations;
contains insults or messages expressing disrespect to Sputnik;
violates privacy, distributes personal data of third parties without their consent or violates privacy of correspondence;
describes or references scenes of violence, cruelty to animals;
contains information about methods of suicide, incites to commit suicide;
pursues commercial objectives, contains improper advertising, unlawful political advertisement or links to other online resources containing such information;
promotes products or services of third parties without proper authorization;
contains offensive language or profanity and its derivatives, as well as hints of the use of lexical items falling within this definition;
contains spam, advertises spamming, mass mailing services and promotes get-rich-quick schemes;
promotes the use of narcotic / psychotropic substances, provides information on their production and use;
contains links to viruses and malicious software;
is part of an organized action involving large volumes of comments with identical or similar content ("flash mob");
“floods” the discussion thread with a large number of incoherent or irrelevant messages;
violates etiquette, exhibiting any form of aggressive, humiliating or abusive behavior ("trolling");
doesn’t follow standard rules of the English language, for example, is typed fully or mostly in capital letters or isn’t broken down into sentences.
The administration has the right to block a user’s access to the page or delete a user’s account without notice if the user is in violation of these rules or if behavior indicating said violation is detected.