Oil prices is acceptable for Russia, raise the output - Russia's Gazprom Neft | Eurasia Diary - ednews.net

16 July, Tuesday


Oil prices is acceptable for Russia, raise the output - Russia's Gazprom Neft

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OPEC and non-OPEC producers should raise oil production starting from the second half of the year to balance the market and keep prices at an acceptable level, Alexander Dyukov, the head of Russia's Gazprom Neft, said on Friday, Moscow Times writes.

An oil price at $55-$65 per barrel is "acceptable" for Russian producers, he told reporters, adding that the company is ready to quickly restore its oil output, curbed by a global agreement.

His comments add to the pressure on the Russian Energy Minister Alexander Novak, who said on Monday that he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal was not extended.

The Organization of the Petroleum Exporting Countries and other large oil producing countries led by Russia - known as OPEC+ - agreed to withhold their combined oil output by 1.2 million barrels per day (bpd) from Jan.1 and until the end of June.

"I think some quotas increase for the countries involved in the OPEC+ agreement would be acceptable," Dyukov said.

Dyukov said the company was interested in expanding in Iraq, where it is developing the Badra field, adding that it is looking at the Mansuriyah gas field near the Iranian border.

Iraq's government is expected to launch a tender to develop the field this year.

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