Russia mulls oil output cut
MOSCOW, Canada Goose sale Nov 21 (Reuters) Russia may cut canada goose clearance sale oil canada goose uk black friday production to shore up flagging prices, but canada goose coats on sale its ability to change output is limited and no decision has buy canada goose jacket cheap been made yet, its energy minister said, underlining Moscow desire for a higher oil price.
Before OPEC meets next week, Russia has uk canada goose already spoken to members Venezuela and Saudi Arabia about the need to support the oil market, and Moscow expects to send a high ranking delegation to Vienna before the meeting to press the message on prices.
Russia already weak economy has been hit by the falling price canada goose factory sale of oil, which together with buy canada goose jacket natural gas generates half of state revenue.
A price of at least $100 a barrel is needed to canada goose black friday sale balance the government budget, and some experts say Russia may need oil prices to be as high as $115, because the budget has to cover increased canada goose coats social and military Canada Goose Online spending and compensate for sanctions over Ukraine that have cut Moscow off from Western financial markets.
Asked whether Russia is ready to cut production, Energy Minister Alexander Novak told reporters canada goose on Friday: issue requires careful consideration. But on the whole, this question is being cheap Canada Goose Jackets discussed, but there are no final decisions on it.
The minister canada goose uk shop said a production cut would be difficult for Canada Goose online Russia, because the budget relies on revenues from oil exports, and the country lacks what he described as the to act quickly to alter supply.
Analysts say Russia can do little to shore up the oil price, which had fallen by a third since June to under $80 a barrel, because it lacks storage facilities and may be unable to stop pumping at wells uk canada goose outlet for fear they will freeze over.
While much of Russia oil Canada Goose Outlet industry is state controlled, cheap Canada Goose private domestic producers furthermore may be reluctant to enforce cuts.
Vagit Alekperov, head of second cheap canada goose uk largest Russian oil producer Lukoil, said any attempt to regulate canadian goose jacket production would be inappropriate and could interfere Canada Goose Jackets with supply and demand.
Some analysts predict that Russia, the biggest oil producer outside of OPEC, may lose some 350,000 barrels per day of output as soon Canada Goose Parka as canada goose clearance next year due to weak drilling and low prices, which may slightly support prices.
The prediction was recently dismissed by the Energy Ministry, which still sees next year output at 10.5 10.6 million bpd.
Russian Foreign Minister Sergei Lavrov met with https://www.canadagoosejacketca.ca Saudi Foreign Minister Prince Saud al Faisal on Friday. two sides expressed their willingness to cooperate on issues related to energy and oil markets, a ministry statement said after Canada Goose Coats On Sale the meeting.
Lavrov told reporters after the meeting that oil producing countries were entitled to react adequately if they saw that prices were being artificially driven.
Novak and Igor Sechin, chief executive officer of Russia biggest oil producer Rosneft and an ally of President Vladimir Putin, will travel to Vienna before the meeting of OPEC, but both have canada goose store kept silent on who canada goose uk outlet they will meet. (additional reporting by Olesya Astakhova, writing by Vladimir Soldatkin and Elizabeth Piper; editing by Jane Baird).
