Artificial reduction of oil extraction might lead to bad consequences, OPEC has no common position – Novak

​OPEC doesn’t have a consolidated position concerning the oil extraction fall but Russia and its partners realize that the artificial reduction of extraction will lead to the worst consequences in the mid-term perspective, the Minister of Energy, A. Novak, said.

There is no common intention and need to make a decision upon the reduction of oil extraction. There are certain countries which offer such an approach but there is no consolidated position, Novak said.

He said he regularly discusses the current situation in the oil market with his partners from OPEC.

If you artificially reduce or raise the price, and the investment into expensive and ineffective projects is being made, it leads to the surplus in the market. Everybody understands it. So it is important today to have a balanced market and that this expensive and ineffective investment left the market, Mr. Novak said.