A source close to the Russian Ministry of Energy said OPEC's decision to cut oil production quotas is theoretically beneficial to Russia. "Theoretically, it is beneficial to us, since there will be more place for Russian oil on the market. But at the same time, it is not quite correct to talk about whether Russia could benefit from OPEC's decision, as we are not an OPEC member and we have no commitments to OPEC," the source said.
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Russia Sees an Opportunity
Russia's biggest oil companies will not cut oil output despite OPEC's decision...
Russia's biggest oil companies will not cut oil output despite OPEC's decision.
A company representative for state oil company Rosneft said, "there will be no cuts in oil production this year. On the contrary, an increase has been planned." Press secretary for LUKoil, Dmitriy Dolgov, also said their company did not intend to cut its oil output this year.
Both companies spoke in favour of maintaining cooperation with OPEC which would not affect the interests of the Russian oil sector.
A source close to the Russian Ministry of Energy said OPEC's decision to cut oil production quotas is theoretically beneficial to Russia. "Theoretically, it is beneficial to us, since there will be more place for Russian oil on the market. But at the same time, it is not quite correct to talk about whether Russia could benefit from OPEC's decision, as we are not an OPEC member and we have no commitments to OPEC," the source said.
A source close to the Russian Ministry of Energy said OPEC's decision to cut oil production quotas is theoretically beneficial to Russia. "Theoretically, it is beneficial to us, since there will be more place for Russian oil on the market. But at the same time, it is not quite correct to talk about whether Russia could benefit from OPEC's decision, as we are not an OPEC member and we have no commitments to OPEC," the source said.
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