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Russia’s oil output cuts for price stabilization inexpedient — Lukoil head

November 21, 2014, 13:31 UTC+3 MOSCOW
Oil output cuts may become a major issue at an OPEC meeting in Vienna on November 27 to give support to oil prices
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© ITAR-TASS/Vladimir Zinin

MOSCOW, November 21. /TASS/. Oil output cuts in Russia for price stabilization are inexpedient as world oil prices are expected to recover quite quickly, the head of Russia’s largest private oil company Lukoil said on Friday.

“Today it is inexpedient to talk about the need to cut oil extraction amid oil output stabilization in Russia. New assets in oil extraction have not yet been prepared,” Lukoil CEO Vagit Alekperov said.

However, “a fall in the oil price will lead to a growth in oil and gas consumption,” he said, adding the rising consumption would contribute to the emergence of an upward oil price trend.

Even at the time of the Soviet Union, Russia was not a member of the Organization of the Petroleum Exporting Countries (OPEC) and took no consolidated position on oil extraction, he said.

Russian Energy Minister Alexander Novak said on Friday the government was considering cutting oil output to support oil prices, but the decision had not yet been made.

Oil output cuts may become a major issue at an OPEC meeting in Vienna on November 27 to give support to oil prices, which have plunged by over 30% since June this year.

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