Chile edges Portugal with 3-0 penalty shootout win for 2017 FIFA Confederations Cup finalSport June 29, 1:38
Telegram included in register of Internet information distributorsBusiness & Economy June 28, 20:56
Putin points to growing activities of foreign secret services against RussiaRussian Politics & Diplomacy June 28, 20:36
FIFA chief Infantino to attend Chile-Portugal 2017 Confederations Cup semis match in KazanSport June 28, 20:27
Lavrov expects US to refrain from creating pretexts for new attacks on SyriaRussian Politics & Diplomacy June 28, 20:09
Top diplomat says Germany willing to open new chapter in relations with RussiaWorld June 28, 19:28
Russia open for cooperation with Germany in war on terror, Lavrov saysRussian Politics & Diplomacy June 28, 19:22
Baltic Fleet’s fighter jets hold air combat drills in Russia’s westernmost regionMilitary & Defense June 28, 18:57
Russian telecom watchdog to include Telegram in registerBusiness & Economy June 28, 18:51
“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.