×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia Won't Cut Oil Output to Lift Prices

Russia can do little to shore up the oil price, which has fallen by a third since June to $80 a barrel.

Russia, the world's biggest energy exporter, does not plan to cut oil production to shore up prices, Rossia-24 television quoted Energy Minister Alexander Novak as saying on Saturday.

Russia, which relies on oil and gas exports for about half its federal budget, has been hit this year by a fall in global oil prices as well as by Western sanctions over its role in the Ukraine's crisis.

The Energy Ministry confirmed Novak's quote to Reuters, adding that it was part of an interview with state-run Rossia-24, the full version of which has yet to be aired.

It was not immediately clear when the interview was recorded and whether Novak was replying to a remark he made on Friday, when he said Russia was discussing whether to cut oil output but had not yet taken a decision on this.

Novak and Igor Sechin, chief executive of Russia's biggest oil producer Rosneft and an ally of President Vladimir Putin, will travel to Vienna next week before an OPEC meeting. They have not said whom they will meet while there.

Russia can do little to shore up the oil price, which has fallen by a third since June to $80 a barrel, because it lacks storage facilities and may be unable to stop pumping at wells for fear they will freeze over, analysts have said.


A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more