Three young men detained in Moscow for throwing flares at US ambassador’s residenceWorld October 25, 22:02
Kremlin gives no comment on alleged US carte blanche to Russia for Aleppo operationRussian Politics & Diplomacy October 25, 21:44
German ARD TV channel to go any length to win case against Russian athlete — lawyerSport October 25, 21:24
Russian, German top diplomats discuss humanitarian situation in Aleppo — ministryRussian Politics & Diplomacy October 25, 20:09
Russia moves up to 40th place in Doing Business-2017 rating — World BankBusiness & Economy October 25, 20:04
Russia hopes to receive roadmap from IPC on Paralympic membership soonSport October 25, 20:03
Lukoil warns about fake "namesake" company in UKBusiness & Economy October 25, 19:39
Russia keeps urging West to set up wide coalition against terrorismRussian Politics & Diplomacy October 25, 19:37
The farthest shore: peaceful images of Russia's Primorsky KraiSociety & Culture October 25, 19:17
VIENNA, June 3. /TASS/. Russia’s Energy Minister Alexander Novak is holding talks on Wednesday with ministers of the Organisation of the Petroleum Exporting Countries (OPEC) and heads of major oil companies, in the run-up to the organisation’s June 5 meeting in Vienna that will yield a decision on oil production quotas. No negotiations on possible oil production cuts by these countries and on production volumes in general are expected.
Russia and other countries that are not OPEC members at consultation with OPEC representatives refused to cut oil production to support prices.
According to independent energy expert Vitaly Yermakov, the current oil prices are acceptable for the Russian budget. Therefore, there is no sense in colluding with the OPEC countries for increasing oil prices for Russia.
"Russia has historically been a passive player on the market that cannot determine the prices or the balance on the market. Oil at $60 a barrel is not the best price for Russia, but it is not critical to the budget," said the expert.
Most experts say that OPEC will not cut oil production. The current OPEC production quota is set at 30 million barrels per day. The refusal to cut production is caused by the unwillingness to lose the oil market share. In addition, oil prices have stopped to decline and stabilised.
Novak previously said he was also against increasing the volume of production in the oil-producing countries.
"Another OPEC seminar in the run-up to the [Vienna] meeting is an excellent opportunity [for Russia] to meet with top officials of the largest oil producing countries in the world," said Alexander Nazarov, an analyst at Gazprombank.