Russia faces climate difficulties in cutting output

Russia faces climate difficulties in cutting output

Mubasher: Russia would face more difficulties in cutting oil production levels, due to cold conditions at oil fields in winter, Energy Minister Alexander Novak said.

“We’ve said it previously [...] for us it is much more difficult to cut [oil output levels] than for other countries, stemming from our climatic conditions,” Interfax news agency quoted Novak as saying on Thursday.

“That is a specific characteristic of our oil production sector,” Novak said.

The Organization of Petroleum Exporting Countries (OPEC) said it is ready to reduce production, conditional on Russia’s contribution to the supply curbs.

OPEC is meeting on Thursday in Vienna to decide production policy.

By 2:28 pm GMT, US Nymex crude futures dropped 2.99% to $51.31 per barrel (pb), while global benchmark Brent futures fell 2.47% to $60.04 pb.