Moscow hopes Kiev not to use protests at parliament for escalation in DonbassRussian Politics & Diplomacy October 18, 19:52
Russian journalist and TV host Ksenia Sobchak says she plans to run for presidentRussian Politics & Diplomacy October 18, 19:08
Mariinsky ballet troupe waltzes across America captivating US audiencesSociety & Culture October 18, 18:51
Gazprom says more than half of Power of Siberia pipeline readyBusiness & Economy October 18, 18:23
Ukraine's special forces storming tent camp outside parliamentWorld October 18, 18:18
Vibrant colors of Moscow's autumnSociety & Culture October 18, 18:16
Baltic Fleet ships enter North SeaMilitary & Defense October 18, 18:05
Russia not eyeing branding US media outlets undesirable organizations — prosecutorRussian Politics & Diplomacy October 18, 17:39
Russian and Swiss researchers to explore burial mound in SiberiaSociety & Culture October 18, 17:08
“The current level of prices is not critical for us. We may shift the terms of implementation of these or those capital-intensive projects. Of course, this will affect the general level of oil supply,” Sechin said.
The Rosneft chief said that in order to balance demand and supply, all or most large market participants need to take coordinated actions.
He stressed that it is necessary to distinguish specificity of the oil industry of most OPEC members and Russia. Considering all climatic, logistical and technological factors, the Russian Federation can’t change production levels immediately but is capable of taking structural measures with consequences in the mid and long terms.Sechin said Rosneft has already cut its production volume by 25,000 barrels per day, but that it is connected with an increase in production efficiency and increased efficiency for company shareholders, as well as marketing conditions.
Market participants should more promptly react to its changes, so it is necessary to proceed to a deep joint analysis of market facts and prospects, and ensure a greater transparency of the market, he said.
Earlier it was reported that oil prices have dropped by nearly $40 per barrel over the past five months.
The news agency Bloomberg reported Tuesday citing Sechin that a plunge in world oil prices to below $60 per barrel will not cause a contraction in Russia’s oil output.
“Russian oil producers can work in various price conditions and will react to market demand,” Sechin said.