Russia does not plan to reduce the volume of production of hydrocarbons in 2015, because of low oil prices, but it considers several options of development of events, Alexander Gladkov, Director of the Department of Oil and Gas Production and Transportation of the Russian Energy Ministry, told journalists.
“We have not received any notification from the companies that they are going to reduce extraction, if the price stays within $90.00,” he said.
Despite a continuing decline of oil prices, this year average oil price was above $100 per barrel, he explained.
“We will work within the framework of the plans and strategies we have planned,” he said and reminded that within three years it is planned to extract 525-526 million tons of oil a year. “We are going to adhere to our plans,” added the Ministry’s representative.
He added that at present the Russian government considers several scenarios related to oil production volume in 2015, including the stress scenario.
Considering possible reduction of oil volume to maintain the oil prices, Gladkov added that the production should be reduced together with other countries. “If we alone reduce production, then we will lose the budget planned for 2015. I have not heard that anybody else is ready to reduce production,” said the same source.
At present Russia produces over 11 million barrels of oil a day.
