Reduction in Russian oil production: Russian officials have begun taking a long hard look at the possibility of reducing oil production as a means of shoring up falling oil prices , although no decision has been made and it is not at all clear if such a move would have the desired effect. They have also opened up an ongoing dialogue with Saudi Arabia, Venezuela and Mexico to monitor the situation.
World oil prices have fallen from $105-$110 per barrel to under $80 per barrel in recent months, a trend that could cost the Russian economy as much as $100bn, according its Finance Minister Anton Siluanov on Monday. But although Russia currently accounts for 14% global output, it is doubtful if a unilateral decision to cut production would have any material effect on world prices. rbth
World oil prices have fallen from $105-$110 per barrel to under $80 per barrel in recent months, a trend that could cost the Russian economy as much as $100bn, according its Finance Minister Anton Siluanov on Monday. But although Russia currently accounts for 14% global output, it is doubtful if a unilateral decision to cut production would have any material effect on world prices. rbth