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Russia is not going to cut oil production — Energy Minister

The Russian Energy Minister made this comment regarding the outlook of the International Energy Agency, which predicts oil production in Russia will fall to 10.5 mln barrels daily by 2020

© Sergei Bobylev/TASS

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Russian oil producers ready to compete with OPEC — Energy Minister

MAKHACHKALA, November 13. /TASS/. Russia is not going to cut oil production, Energy Minister Alexander Novak said on Friday.

"We are not going, so to speak, to cut production. We focus on the total volume set out in [energy sector development] strategy — about 525 mln tons a year," Novak said.

This volume is equal to 10.5 mln barrels a day, the minister said. The Russian Energy Minister made this comment regarding the outlook of the International Energy Agency, which predicts oil production in Russia will fall to 10.5 mln barrels daily by 2020.

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