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World oil prices

Russia to hold talks with OPEC ministers ahead of quotas meeting

Russia and other countries that are not OPEC members at consultation with OPEC representatives refused to cut oil production to support prices

© Viktor Drachev/TASS

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.

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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.

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