Putin venerates St Nicholas's relics in Cathedral of the SaviorSociety & Culture May 24, 21:53
Putin points out Russia’s good relations with EgyptRussian Politics & Diplomacy May 24, 21:30
Ukraine names conditions for Minsk accords' political part implementationWorld May 24, 20:44
Blaze-stricken Siberian areas expecting downpours that may quash firesSociety & Culture May 24, 19:45
Contact Group on Ukraine proposes more areas of disengagementWorld May 24, 19:39
Russian Emergencies Ministry says over 70 homes burn down in SiberiaSociety & Culture May 24, 18:49
International Chekhov Theater festival opens its doors for 13th time in MoscowSociety & Culture May 24, 18:44
Putin decorates commandoes for two-day face-to-face clash with militants in SyriaRussian Politics & Diplomacy May 24, 18:31
Experts say rising military spending to push Europe to reconsider NATO’s roleRussian Politics & Diplomacy May 24, 17:56
KALININGRAD, December 4. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) decided to align its quota with the actual production, Russia’s Energy Minister Alexander Novak said on Friday.
"The OPEC aligned the quota with existing production. Certainly, it would be more reasonable, vice versa, to align production with the quota set out earlier," the minister said.
"We state once again that the market will adjust the situation related to the balance of supply and demand itself," Novak said.
There is a surplus offer on the market at present but it will gradually decline because of lowered investments due to low prices, the minister said. The balance of demand and offer will be provided in mid-term, he added.
The OPEC consists of 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador and Angola.