MOSCOW, March 9. /TASS/. Russian oil producers were prepared for a breach in relations with OPEC and expected a price decline to $32 per barrel and below, a high-ranking source in the sector, who participated in drafting Russia’s position on the talks with OPEC, told TASS, adding that such a possibility provides the country "with opportunities that should be correctly estimated."
"Yes, calculated. It is normal practice to consider scenarios," he said when asked whether the Russian side had calculated the possibility of an oil price drop to $32 per barrel and below. Companies may start boosting output earlier than April, the source added. "Possibly earlier," he said.
The current situation provides the country with "opportunities that should be correctly estimated," the source said. "It is necessary to rely on most efficient projects," he added. Another top-ranked official confirmed to TASS that such an outcome of talks with OPEC was considered.
A sharp jump in the dollar and the euro against the ruble follows the oil price drop amid the news that OPEC+ countries failed to agree on an additional reduction in oil production amid sliding demand due to the coronavirus. OPEC proposed to deepen production cuts by another 1.5 mln barrels per day until the end of this year. However, Russia and Kazakhstan opposed the proposal.