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Date: 8 months ago   Category: Finances

Review of an inopressa. Russia is ready to increase oil production


As writes Financial Times, such option is considered in case it won't be possible to reach the separate agreement with Saudi Arabia of the Photo: Egor Aleev/TASS Russia is ready to increase oil production if doesn't reach the separate agreement with Saudi Arabia, Financial Times reports. However growth of the offer risks to bring down barrel cost in the world markets. Russia plans to increase extraction of crude oil on 300 000 barrels a day by the beginning of next year if doesn't come to the separate agreement with Saudi Arabia for production restriction. Since June of the current year Moscow swings the maximum quantity of oil and has started drilling on new platforms, having reached Post-Soviet maximum volumes in 11,5 million barrels a day within the agreement with Saudi Arabia to provide deliveries to the world markets as the American sanctions have slowed down export of the Iranian oil. Last month the price of barrel of oil has already failed for 17%. The decision of the USA to provide an exception to some countries buying the Iranian oil also weakens the oil market. The representative of Iran in OPEC Hussein Kazempur Ardebili has protested against Saudi Arabia and Russia, having said that they play into the hands of the USA and take away his market share from Iran. As notes the edition, according to some information, Riyadh has asked Moscow to reduce production in the end of the year to support the prices and market balance, being afraid of further falling of the prices. Ministers of oil of two countries of Haled al-Falekh and Aleksandr Novak intend to meet during week-end in Abu Dhabi. Members of expanded group of OPEC will gather there to discuss the movements of the market before a ministerial meeting of OPEC in Vienna next month. To add BFM.ru to your sources of news?

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