Russia actively participates in multi-party talks to stabilize the oversupply of the oil market. The worry of Russia actively participates in multi-party talks to stabilize the oversupply of the oil market is still lingering.
20 building a new chemical material industry cluster. October 25, 2016
[China paint information]
Russia has achieved stability. Alexander Novak, Minister of energy of Russia, said on Monday (October 24), Talks have been held with Qatar and the Secretary General of the organization of Petroleum Exporting Countries (OPEC) on stabilizing the oil market. It is hoped that OPEC will clarify the details of the production restriction agreement at the policy meeting next month
Russia is one of the largest crude oil producers in the world. Although it is not an OPEC member country, its fiscal revenue, like many OPEC member countries, has been severely impacted by the low oil price
Novak said after meeting with Saudi energy minister Falih last weekend that the continued downturn in oil prices may lead to insufficient supply in the future, thus increasing the volatility of oil prices
Novak added: "this is why... (of crude oil production) the freezing company also revealed that it would become a correct choice for the global energy industry for Jinan new era Gold Testing Instrument Co., Ltd. to study the change of experimental machines. In the short term, the current production can help reduce fluctuations and stabilize the market."
after meeting with Mohammed al sada, Minister of energy of Qatar, and Balkin, Secretary General of OPEC, Novak said: "we have discussed in detail the current situation, including different production restriction mechanisms and more options for joint action."
nevertheless, Russia's crude oil production is still at a high level. In September, the country's crude oil production reached a new high of 11.1 million barrels/day in the post Soviet period
Nowak reiterated today that the production freeze is "an effective means that Russia is ready to implement and can help stabilize the market". He also mentioned that Moscow was also considering "other different options", but declined to give more details
relevant information shows that Russian crude oil enterprises plan to put a new oil field into production this month, which is pyakyakhinskoye of Lukoil company, while Russian Gazprom neft and Rosneft energy enterprises have started the production of Messoyakha oil field last month
in addition, as the world's largest crude oil producer, Rosneft of Russia plans to put suzun oil field in Siberia into production within this year, and Lukoil also plans to put Caspian filanovsky oil field into operation at the end of 2016. The production of these new oil fields will further aggravate the problem of oversupply
today, Novak's speech did not disclose the level at which Russia planned to limit production, which caused the market's concern about the intensity of production restriction