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Russia still sees no sense in cutting oil production jointly with OPEC

Russia’s 2035 Energy Strategy provides for oil export growth by at least 40-50 mln tonnes

© TASS/Yegor Aleev

MOSCOW, September 18. /TASS/. Russia is not considering an option of acting jointly with OPEC to slash oil production as a mechanism of price correction, First Deputy Minister of Energy Alexey Teksler said on Friday.

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"We do not consider such an option, just as before," Teksler said.

Russia’s 2035 Energy Strategy provides for oil export growth by at least 40-50 mln tonnes. Furthermore, the Russian oil production process does not anticipate instant changes in oil production.

Russia cannot agree upon the oil production limits with the OPEC in view of specific process features of domestic oil production, CEO of the Russian oil major Lukoil Vagit Alekperov said. "We have challenging fields; the majority of them have low production rates… It is impossible to stop wells because starting will require much more funds than stopping… In certain cases it will simply be impossible to restart wells.

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