Azerbaijan and Armenia report armed clashes in Karabakh conflict areaWorld February 25, 11:45
Head of Russian delegation to OSCE PA says Ukraine not ready for dialogueRussian Politics & Diplomacy February 25, 5:02
Russian baritone Hvorostovsky cancels concerts due to continuing treatmentSociety & Culture February 25, 3:22
Russian prime minister declares 3rd Winter World Military Games openMilitary & Defense February 24, 22:33
Russia to veto UNSC resolution imposing sanctions on Syria — envoyRussian Politics & Diplomacy February 24, 22:29
Ukrainian MP Savchenko arrives in Donetsk republic to visit Ukrainian prisoners — agencyWorld February 24, 22:25
Russian Defense Ministry surprised over German MPs reaction to Reichstag miniature plansRussian Politics & Diplomacy February 24, 16:32
Iraq's PM orders airstrikes on IS positions in SyriaWorld February 24, 16:09
Nord Stream 2 financing model to be ready by year end - OMVBusiness & Economy February 24, 13:44
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.