Russia To Keep Oil Market Balanced In Cooperation With OPEC Despite Price Drop Risk- Kozak

MOSCOW : (DNN Dekh News Network  News / Sputnik – 25th December, 2019) There is a risk of oil prices decrease, but Russia will manage to overcome the situation and to keep the oil market balanced thanks to cooperation with the Organization of the Petroleum Exporting Countries (OPEC), Deputy Prime Minister Dmitry Kozak has said in an interview with the Russia-24 broadcaster.

“This forecast [$30 per barrel] is too pessimistic. I think our cooperation with OPEC will enable us to balance [the market]. There are concerns about the possible price decrease, but we have a safety margin, we have accumulated reserves, and there is an understanding at which oil prices Russian oil production and sales remain viable. Neither the government nor oil companies are panicking,” Kozak said.

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