TATARSTAN, RUSSIA. AUGUST 8, 2015. An oil pump jack in the city of Almetyevsk. Yegor Aleyev/TASS Ðîññèÿ. Òàòàðñòàí. 8 àâãóñòà 2015. Àâòîìàòè÷åñêèé íåôòÿíîé íàñîñ-êà÷àëêà â Àëüìåòüåâñêå. Åãîð Àëååâ/ÒÀÑÑ

Russia Warns against Increasing Oil Output

Increasing oil production will not serve the interests of any country, Russia warned yesterday, stressing that Russian President Vladimir Putin was seeking “constructive negotiations aimed at stabilizing the global energy market.”
“Russia did not back the termination of OPEC+ deal – The Organization of the Petroleum Exporting Countries,” Russia Today (RT) quoted the Kremlin spokesperson, Dmitry Peskov, as saying. “President Putin and the Russian side in general are determined for a constructive negotiating process, and there is no alternative to it in terms of stabilizing international energy market,” he said.
Peskov pointed out that Saudi Arabia had introduced what he described as “an unprecedented discount and boosted oil production,” adding that the move had led to “a situation where all oil storage facilities in the world could be filled.”
“Tankers are already used not for shipping oil but as floating canisters,” he noted. “Finally, we will just get an absolutely minimum oil price, which is not advantageous for any country,” Peskov continued.
Oil prices have fallen sharply since Russia and OPEC members failed to agree on an oil production cut of an additional 1.5 million barrels a day in early March. Concerns over the market impact of the coronavirus outbreak are compounding the price fall.

About Parvin Faghfouri Azar

Check Also

Subsidy Investigation Sent China’s EV Exports to the EU Plunging by 20%

Chinese EV exports to the European Union slumped by 19.6% in January and February 2024 …

Leave a Reply

Your email address will not be published. Required fields are marked *