Artificial reduction of production wouldn't affect oil market - ministry
MOSCOW. Oct 15 (Interfax) - An artificial reduction in oil production would not affect the market, Deputy Energy Minister Anatoly Yanovsky told journalists.
"I don't think that an artificial reduction of production would affect the global oil market," he said.
Russian Energy Minister Alexander Novak has said he thinks the policy of coordinated solutions for an artificial increase of prices is ineffective. "When some countries suggest that we make a coordinated decision on decreasing production volumes, this means, that this is a short term solution, which will lead to no benefit for the oil and gas market, prices will simply be increased, and again it will be possible for importer countries and consumers to increase their own production, thus making matters worse for the oil and gas market, for the balance of demand and supply," the energy minister said.
The Russian Energy Ministry will meet with representatives of the Organization of Petroleum Exporting Countries (OPEC) in Vienna on October 21 at the level of experts. The next meeting of the ministers of OPEC members will take place on December 4 in Vienna.
At its latest meeting in June, OPEC decided to keep quotas at 30 million barrels a day.
