Russia will refrain from cutting its oil production amid declining global prices, the country’s energy minister said.
Alexander Novak was speaking in Moscow when he confirmed the Russian government was considering a reduction but had yet to give it the go-ahead.
“We expect annual oil production levels of 505 to 520 million now and in the future,” he said. The figure equates to 10.1 million barrels a day.
Oil is at the foundation of the Russia’s economy.
It accounts for more than half of Russia’s budget revenue.
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