Russia refused to make concessions to OPEC

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Photo: Viktor Drachev / TASS

Russia is not ready to cut oil production under OPEC agreement+ more than 150 thousand barrels a day, RIA Novosti reported citing a source.

According to the Agency, energy Minister Alexander Novak has expressed Moscow’s position in the OPEC (Organization of countries-exporters of oil) and the monitoring Committee of the OPEC+ responsible for compliance with the terms of the agreement. The main argument of the Russian side is that in winter, harder to cut production will be difficult.

Russia is ready to discuss other conditions in the future — a reduction of 150 thousand barrels a day will only be valid for the first three months of 2019.

Earlier, the parties to the agreement OPEC+ (all OPEC members and 11 independent countries) insisted that Moscow needs to cut production by 300 thousand barrels per day, and the total amount of the reduction should reach one million barrels per day.

On 6-7 December in Vienna held a meeting of the parties to the agreement OPEC+. On 7 December a meeting with the relevant Ministers of all countries.

Video, photo All from Russia.

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