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  Thursday, August 22, 2019
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Russia could cut oil output by 320,000 barrels
Russia could cut oil output by 320,000 barrels per day in 2009 if current world oil prices persist, Deputy Prime Minister Igor Sechin told OPEC members at a summit on Wednesday.

"If the current level of world oil prices persists, the Russian oil sector will be forced next year to cut oil supplies by 320,000 bpd and also reduce investment, which could also eventually lead to more radical output cuts," Sechin said.

Global oil prices have fallen by more than 60% from a record high of $147 per barrel in July to under $50, as countries hit by the financial credit crunch have reduced demand for fuel.

The Russian vice-premier who oversees Russia's fuel and energy complex in the government urged a boost in dialogue between oil and gas producing countries.

Sechin also said Russia was ready to be a permanent observer at the world's oil cartel and the Russian Energy Ministry and the OPEC Secretariat would form a joint working group.

"As a result of talks with OPEC's management, a joint working group will be established between the OPEC Secretariat and the Russian Energy Ministry to develop a coordinated approach with a view to solving the key problems facing the global oil industry," Sechin said.

"We believe that granting Russia permanent observer status at OPEC will assist closer coordination," he added.


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