Private oil companies will join the initiative to limit oil production in the country if Russia makes such a decision, oil major Lukoil CEO Vagit Alekperov said.
“We wait for the end of November when precise quotas (of OPEC), a precise validity period of these agreements is defined. We hope this will push oil prices up”, he said.
“In any case, we all are consolidated, we all are interested in the oil price to be fair, in collections both to funds of private companies and the state budget to be big, that’s why we will adhere to the policy that will be developed by our energy ministry”, he said.
Energy Minister Alexander Novak said that Russia would make its proposals for over the oil market stabilization after it receives proposals from OPEC. Certain parameters of production stabilization will be developed in October-November.
OPEC agreed to limit daily oil output at 32.5-33 million barrels at an informal meeting last Wednesday. Ceilings for each country will be defined at the organization’s next official meeting on November 30, in Vienna.
Alexei Kudrin, former finance minister and current head of the Center for Strategic Research, believes the reached agreement will allow stabilizing oil prices for one to two years, but doubts that all countries will fulfill the agreements. (Prime/Business World Magazine)