Analyst: OPEC’s decision was aimed against the increase of oil production in the Russian Federation

Analyst: OPEC’s decision was aimed against the increase of oil production in the Russian Federation


The decision of OPEC to increase oil production can cause a drop in oil prices to $ 30 per barrel, which is often hit hardest by oil production in Russia, said the head of Alfa Energy Group John Hall.

VIENNA, 4 Dec. The decision of OPEC to increase quota for oil extraction by 1.5 million barrels per day to 31.5 million barrels per day, including directed against the increase of oil production in Russia, said the head of Alfa Energy Group John Hall.

Previously, the Agency Bloomberg referring to a source in one of the delegations said that OPEC decided to increase production quotas to 31.5 million barrels a day, excluding entering into the organization of Indonesia.

“This decision is directed against the increase of oil production in Russia,” Hall said.

“Russia has refused to cut production with OPEC, but they have now made a decision that will lead to a drop in oil prices, perhaps to $ 30 per barrel (of Brent crude oil — ed.) that are often hit hardest by oil production in Russia,” Hall said.

As earlier said on Friday the Vice President and press Secretary of “Rosneft” Mikhail Leontiev, the decision of OPEC to increase quota for oil production does not pose a risk for the largest Russian oil company: the cost of oil production Rosneft is one of the lowest in the world.