REUTERS
Russian Energy Minister Alexander Novak says that Russian oil producers are prepared for competition with the Organization of the Petroleum Exporting Countries (OPEC) irrespective of the Organization's decision on quotas and redistribution within the oil cartel, according to Russian Economic News Agency Prime.
"Thus, if any of the countries raises its quota and in case OPEC wants to keep this quota, production volumes should be redistributed within the Organization. Much will depend on this as well — whether OPEC is going to redistribute it within itself or whether it is going to engage additional volumes. Though there's much uncertainty here, in general we're prepared for it. And our oil companies are prepared for this competition," Novak said.
As UNIAN reported earlier with reference to Reuters, a meeting of oil experts from OPEC and non-member countries on October 21 discussed the risk that low oil prices would reduce investment in new supplies but agreed no concrete steps on boosting the market.
In particular, Gulf OPEC members, including top exporter Saudi Arabia, showed no interest in returning to a strategy of supporting prices, seeking instead to fight for market share.
OPEC's policy-setting meeting at its Vienna headquarters is scheduled for December 4.