Lavrov confirms Russia’s commitment to maintain sustainability of Iran nuclear dealRussian Politics & Diplomacy September 21, 4:28
No need to review Iranian nuclear deal - MogheriniWorld September 21, 3:50
Mexico earthquake death toll tops 230World September 21, 3:15
Senior diplomat explains why Moscow did not back US declaration on UN reformRussian Politics & Diplomacy September 21, 2:20
Russia’s proposal on UN mission in Donbass still on the table - Russian diplomatRussian Politics & Diplomacy September 21, 1:42
Putin, Erdogan may have telephone conversation soon — KremlinRussian Politics & Diplomacy September 20, 21:39
Lavrov offers condolences to Mexican people over deadly earthquakesRussian Politics & Diplomacy September 20, 21:01
UN Security Council passes resolution on peacekeeping reformWorld September 20, 20:14
UN peacekeepers should use force only for self-defense — LavrovRussian Politics & Diplomacy September 20, 20:01
ANTALYA, November 16. /TASS/. Russia will keep its competitiveness on the global oil market even if oil prices remain low. That's according to Energy Minister Alexander Novak.
"Our production costs are not much different from leading producers which have the lowest one, so we are absolutely competitive," he said. Novak added that most of oil price in Russia comes from taxes, while production costs at some fields is in the range of $3 to $15 per barrel.
"The prices don't scare us," the Minister concluded. However Novak admitted lower oil prices have a negative impact on Russia's economy, as the oil companies receive less currency income, but on the other hand due to currency fluctuations, the ruble revenues remain the same.
Novak said the main goal for Russia is to increase the effectiveness of its companies.