Russia’s First Deputy Prime Minister Anton Siluanov
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told Reuters Wednesday that Russia will consider extending its production reduction agreement with the Organization of Petroleum Exporting Countries (OPEC) and other oil-producing countries.
Moscow, he said, will give special consideration to the impact of the cut-off agreement on oil prices and the loss of market share to the United States.
” There are many arguments in favor of prolonged production cuts, but there are also arguments against them, “Siluanov said at a conference in Kazakhstan.
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” Of course, we need stable and predictable oil prices, which is a good thing, “he said. ” But we believe that these agreements with OPEC have led American businesses to boost shale oil production and take over new markets. “
Silianov pointed out that the Russian Ministry of Energy and the government will decide on the position of the cut-off agreement after considering the advantages and disadvantages of the extension agreement and how long the current market trend can be maintained.
OPEC, Russia and other oil-producing countries have agreed to cut production by 1.2 million barrels a day for six months from January to boost oil prices by reducing global crude oil stocks.
OPEC and other oil-producing countries are scheduled to meet in Vienna on June 25-26, the scheduled meeting date of OPEC, to discuss the extension of production cuts.
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However, two OPEC sources said on May 20 that the meeting might be postponed until July 3-4.