Oil: Russia’s energy Minister against funding cuts – MIRROR ONLINE

considering The oil cartel Opec to cut production – in cooperation with Russia. However, the Russian energy Minister Novak does not want to go this step, and is therefore in conflict with Vladimir Putin.

REUTERS

Oilfield in Siberia

Tuesday, 11.10.2016 17:55 PM

In Russia, the voices are growing against a possible reduction in Oil production. He did not want to participate in a from the oil cartel Opec excited reduction in the flow, said Russian Minister of energy Alexander Novak. Conceivable is, at best, the production at the current level to be frozen. The head of the largest Russian oil Company Rosneft, Igor Sechin, also rejected.

President Vladimir Putin had been looking for the shoulder-to-shoulder with the Opec countries, and an upper limit. A Kremlin spokesman said that a condition for cooperation was that the Opec countries agreed on concrete steps.

Opec decided at the end of September, the daily production of 750,000 barrels to 32.5 million barrels (around 5.2 billion litres). The decision will be confirmed in November, at an informal Meeting. Be distributed quotas for individual countries. Russia is not a member of Opec. For Wednesday, an informal Meeting of representatives of the oil cartel and Russia in Istanbul is planned.

According to estimates by the International energy Agency, the IEA, could stop the Ölflut through to next year, if the market is left to itself. A balance of supply and demand could be achieved more quickly if Opec and Russia agreed to a capping of the funding.

In the past month, however, Opec is likely to have encouraged States, as much Oil as not for a long time. As the production grew in the North of Iraq vigorously, in Libya’s major ports were re-opened. In Russia, too, has been recently promoted as much Oil as since the collapse of the Soviet Union is no more.

asa/dpa/Reuters

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