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Oil price fall after OPEC decision inevitable market reaction — Putin

November 28, 2014, 16:58 UTC+3 SOCHI
Russia is satisfied with OPEC’s announcement, Putin said, adding that Moscow had not insisted on any other decision
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© EPA/StatoilHydro/Oyvind Hagen/HO

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS
SOCHI, November 28. /TASS/. The oil price plunge after OPEC’s decision to hold production unchanged is an inevitable market reaction, Russian President Vladimir Putin said at the meeting with Total’s CEO on Friday.

“This is an inevitable reaction,” Putin told Patrick Pouyanne, the new chief executive of France’s energy giant. “We see nothing special about this,” the Russian leader added.

Russia is satisfied with OPEC’s announcement, Putin said, adding that Moscow had not insisted on any other decision.

He reminded that Russia had attended a meeting with OPEC representatives ahead of Thursday’s gathering.

“It was clear to us from the very outset that after OPEC’s announcement on no plans to cut production, the prices would react to this and would be slightly lower,” Putin stressed.

“No large energy resources producers insisted on any special actions on adjusting the prices, including us,” he said.

On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decided to keep oil production quotas unchanged at the current level of 30 million barrels a day. Oil prices have plunged by more than 30% since the beginning of the year.

Russia’s Economic Development Ministry will lower its oil price forecast for 2015 and the price of $80 per barrel is quite probably an equilibrium price but other scenarios are also possible, Minister Alexey Ulyukayev said on Friday.

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