Russia can maintain oil supplies, strategic role even amid new sanctions - minister

MOSCOW. Oct 17 (Interfax) - Russia will maintain volumes of energy supplies and its role of strategic supplier to the world market even in the event of new sanctions, while the drop in prices for Russian energy resources, which will decrease, will remain at an acceptable level, Economic Development Minister Maxim Reshetnikov said.

"Russia will be able to maintain volume of supplies and its role of strategic supplier even if new sanctions are imposed. We account for 14% of world oil production and 11% of exports, and if necessary, we will and we are redirecting exports to eastern markets. And in general, it is impossible to balance the world markets without Russia," he said at a meeting of the State Duma's Budget and Taxes Committee.

"As for Russian energy prices, the [2023-2025 macroeconomic] forecast envisages their gradual reduction. However, in general, they will remain at an acceptable level. Cooperation within OPEC + and recent decisions point to this," he said.