Dvorkovich: Russia will not be targeted to reduce oil production

MOSCOW, January 29. Russia will not be targeted to reduce oil production, that decision is up to private companies, said at a press conference, Russian Deputy Prime Minister Arkady Dvorkovich.

“We believe that we have the oil sector for private, commercially oriented. He is not under the control of the state, we have share some participation, but overall the market is governed by the decisions of individual companies. And it will continue,” he said.

The oil market of the Russian Federation can adjust the level of production

The oil market is able to adjust the level of production and investment, said Deputy Prime Minister.

“Excessively low and excessively lengthy period of time, the adjustment of investment is inevitable, and it will inevitable reduce production. It would not be purposeful activity of the state. The market, in fact, self-adjusting, self-adjusting, and this will lead to stabilization of prices at a higher level than the current level,” he said, adding that companies will look at the situation based on the interests of stable operation.

Unrealistic price

The average price of a barrel of oil at $20-25 unrealistic, its cost will exceed the current level, he said.

“The price is $20-24 as the average for the year seems unrealistic. The current prices in this year, I personally think, and may rise to a higher level as a result, including, and because of lower world production,” he said.

Russia has no plans to change the export regime for wheat, but discussions are ongoing, also noted Dvorkovich.