Russia wants to maintain production and creates obstacle with Opec

Russian oil and gas companies have proposed not to change their oil production as part of a global agreement by the end of March 2020, when the current contract expires. The proposal could influence decision-making at the OPEC (Organization of Petroleum Exporting Countries) meeting, scheduled to take place next week in Vienna.

Russian oil companies have also offered to end production of gas condensate (a type of light oil), since the country is focused on meeting its goal of reducing supply in recent months. The proposals to preserve by the end of March next year the agreement between OPEC and countries that are not members of the Organization were held in a meeting with the minister Russian energy, Alexander Novak.

OPEC aims to promote global production cut in the sector by mid-2020, and has Russia’s support to pressure Saudi Arabia stable oil prices. Russian oil companies have suggested to Novak that a meeting is held in March to discuss oil production. “We continue to in the business with the same quotas. We will meet at the end of the first quarter to discuss. These are our proposals,” said Ravil Maganov, first vice president of Russian LUKoil.

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