Anti-corruption fight in Russia is in earnest, says upper house speakerRussian Politics & Diplomacy May 23, 6:24
British prime minister calls Manchester blast "appalling terrorist attack"World May 23, 5:52
Nineteen people confirmed dead in Manchester Arena blastWorld May 23, 4:40
Senator: Ukrainian authorities reluctant to stop policy of restricting Ukrainians' rightsRussian Politics & Diplomacy May 23, 3:48
Maestro Gergiyev’s orchestra opens international music festival in SofiaSociety & Culture May 23, 3:44
Anti-Russian sanctions unlikely to be lifted shortly, says parliament speakerBusiness & Economy May 23, 2:33
Senior Russian MP says too early to speak of thaw in Russia-US tiesRussian Politics & Diplomacy May 23, 2:26
NATO’s saber-rattling only impairs security of alliance's members — diplomatRussian Politics & Diplomacy May 22, 20:20
Russian sledge hockey team may compete in 2018 Paralympics — IPCSport May 22, 18:53
“This issue requires careful consideration,” Novak told journalists earlier on Friday in response to a question about possible oil output cuts to stabilize world oil prices.
“There is no such decision to date. Our budget depends very strongly on revenues from the oil industry. We don’t have such technologies as Saudi Arabia to cut or boost output quickly,” Novak said.
“But in general, we’re working inside the government from the viewpoint of the expediency of such methods,” the energy minister said.All oil exporting countries are concerned over a fall in oil prices lately compared with the level registered in the past three years, he said.
“This requires careful analysis and, possibly, elaboration of some coordinated efforts,” the energy minister said.
“As a whole, we plan output at 505-520 million tons of oil. Now our production volume is higher. If we stay within this figure, we believe these are the target indicators which were set as strategic goals,” the energy minister said.
“It is increasingly difficult to maintain even this level with each passing year because we need to drill more, have more funds to invest, open new deposits, develop hard-to-access oil reserves and launch more complex oilfields with no infrastructure,” the energy minister said.
“As part of our strategy, we are setting the task of preserving the volumes, which we have. Those plans that we earlier announced are still valid. The forecast of the social and economic development with the target of 525 million tons was not revised,” Novak said.