Russia stands for not growing oil extraction

​A fair decision for the market is not the decision on the oil extraction reduction but the non-growing of production, the Minister of Energy, A. Novak, said.

He is skeptical about a possible coordination with Saudi Arabia in the issue of extraction reduction.

I am skeptical about that as there is no agreement on the necessity of reduction in OPEC. Each country is in a different situation – some reduced extraction volumes, some try to keep the results, some like Saudi Arabia and Iraq only in 2015 increased the extraction by 1.5 mln barrels a day, Mr. Novak said.

The start –up conditions are various. If everybody said they won’t keep growing, it would be a fair decision which would quickly balance the market. If the volumes are not growing and the demand keeps increasing, in 2015 it will be by 1.5 mln barrels a day higher, the surplus at the same volume would have already been sold out, the Minister said.