Russia ready to cut oil production

At the World Energy Congress in Istanbul Vladimir Putin said Russia is ready to join the OPEC decision on limiting oil production
Russia ready to cut oil production
10 October 15:55 2016 Print This Article

Russian President Vladimir Putin said Russia will join OPEC in cutting global crude output, should such an agreement be reached.

“We support the recent initiative of OPEC to fix oil production limits. We hope that at the OPEC meeting in November, the idea will be embodied in an official agreement, giving a positive signal to the markets and investors,” said Putin at the World Energy Congress in Istanbul on Monday.

According to him such a decision will contribute to reach a balanced state at global energy market. He also believes that the era of oil and gas will not come to an end in foreseeable future.

“Many people say that the era of hydrocarbons is coming to an end as the oil prices have plunged by more than two times, and that we should completely reorient to alternative energy sources. I think that there is no real reason for such far-reaching conclusions. At least now,” he said.

Oil producing countries want to reduce the global crude output from 1.0 million to 1.5 million barrels per day. On September 28, OPEC agreed to curb production by 700,000 barrels per day. However, the details of how the production cuts will be shared are still to be worked out at the next OPEC meeting to be held in Vienna on November 30.

 

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Cecilia Valentini
Cecilia Valentini

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