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Russia to maintaint competitiveness on oil market even if oil prices remain low

"Our production costs are not much different from leading producers which have the lowest one, so we are absolutely competitive," Russian Energy Minister Alexander Novak says

© Sergei Bobylev/TASS

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Russia is not going to cut oil production — Energy Minister

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.

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Oil & Gas Alexander Novak Oil price G20 summit in Antalya

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