Russia says OPEC unlikely to cut output at December meeting

*OPEC Secretary General Abdallah El-Badri.

*OPEC Secretary General Abdallah El-Badri.

15 November 2015, News Wires – Russian Energy Minister Alexander Novak said he does not expect the Organization of the Petroleum Exporting Countries to take steps to cut oil output at a meeting on Dec. 4, Russian news agencies Interfax and TASS reported at the weekend.

“I consider it unlikely, taking into account the position of the biggest producers,” TASS quoted Novak as saying. Novak also reiterated that Russia would not deliberately cut its own oil output.

“We are not going, let’s put it like this, to lower oil production volumes,” Novak was quoted by TASS as saying. “In general we focus on the total amount laid out in the strategy (of energy sector development): around 525 million tonnes (10.5 billion cubic metres per day),” Novak said.

He said earlier that Russian oil production was expected to rise to a post-Soviet record of 533 million tonnes (10.66 million barrels per day) this year after 526.7 million in 2014 but could fall by between 5 and 6 million tonnes in 2017 from the current level due to a rising tax bill.

  • Reuters
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