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Energy Minister: Russian companies are ready to compete with OPEC in the oil markets
2015/10/23
{International: Euphrates News} Russian Energy Minister Alexander Novak said that Russian oil companies are ready to compete with OPEC countries, taken in the event of a decision on the redistribution of production quotas, or increase its size within the organization.
The Russian minister said in an interview, "in the event of a Member in the" OPEC "has increased its share of the production, for the organization redistribution of production quotas within them, if they want to maintain the current production ceiling, as it depends largely on whether the" OPEC "will restore balance inside or not, or this will be the size of the additional production. There are many things unknown, but in general we are ready for that, our companies and the oil is ready for this competition. "
Novak pointed out that the organization "OPEC" share of the volume of production is 30 million barrels per day, and each state influence within the organization, and it fits directly proportional to the size of their production.
It is noteworthy that "OPEC" continues to exceed the ceiling of production in order to maintain its stake in the oil markets. Saudi Arabia, the largest producer of crude, "OPEC" to cut their prices to secure new markets such as Poland market, according to the CEO of "Rosneft" Igor Sechin.
Oil prices have fallen by more than half since the middle of last year, after it collided with the oil supply of high economic growth is weak. And pushed the issue of the settlement of the Iranian nuclear dossier to the decline in oil markets because of the increase of oil supply fears. End
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2015/10/23
{International: Euphrates News} Russian Energy Minister Alexander Novak said that Russian oil companies are ready to compete with OPEC countries, taken in the event of a decision on the redistribution of production quotas, or increase its size within the organization.
The Russian minister said in an interview, "in the event of a Member in the" OPEC "has increased its share of the production, for the organization redistribution of production quotas within them, if they want to maintain the current production ceiling, as it depends largely on whether the" OPEC "will restore balance inside or not, or this will be the size of the additional production. There are many things unknown, but in general we are ready for that, our companies and the oil is ready for this competition. "
Novak pointed out that the organization "OPEC" share of the volume of production is 30 million barrels per day, and each state influence within the organization, and it fits directly proportional to the size of their production.
It is noteworthy that "OPEC" continues to exceed the ceiling of production in order to maintain its stake in the oil markets. Saudi Arabia, the largest producer of crude, "OPEC" to cut their prices to secure new markets such as Poland market, according to the CEO of "Rosneft" Igor Sechin.
Oil prices have fallen by more than half since the middle of last year, after it collided with the oil supply of high economic growth is weak. And pushed the issue of the settlement of the Iranian nuclear dossier to the decline in oil markets because of the increase of oil supply fears. End
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