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Russia is considering extending oil production cuts with OPEC
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Russia will carefully consider extending its agreement to cut oil production with the Organization of the Petroleum Exporting Countries (OPEC) and other producers, Deputy Prime Minister Anton Slyanov told Reuters on Wednesday.
In particular, Moscow will discuss the positive impact of the agreement on oil prices in exchange for losing a market share to US companies, Slyanov said.
"There are a lot of opinions, whether they support extension or opposition," he said on the sidelines of a conference in Kazakhstan.
"Of course, we need price stability and predictability, that's good ... but we see that all those agreements with OPEC have resulted in our American partners boosting the production of rock oil and taking off new markets."
Celianov said that the Energy Ministry and the Russian government will determine their position on the extension of the agreement after studying these advantages and disadvantages and extended the current trends of the market.
OPEC, Russia and other producers have agreed to cut production by 1.2 million bpd from January to six months to boost crude prices by cutting world stocks.
OPEC and other producers involved in the supply agreement, in an alliance known as OPEC +, are scheduled to meet to discuss the deal in Vienna at the OPEC meeting scheduled for June 25-26.
But OPEC sources said on May 20 that the meeting could be postponed to July 3 and 4.
http://economy-news.net/content.php?id=16785
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