MOSCOW, 23 Oct. Oil companies of the Russian Federation is ready to compete with OPEC in their decision on the reallocation of mining volumes or increase within the organization, said Russian energy Minister Alexander Novak.
According to him, the quota, which is now installed on production by OPEC at 30 million barrels per day, by States members of the organization, is selected to be a hollow volume.
“Consequently if you increase one of the countries of their quota if OPEC is going to keep this quota should be reallocated the volume of production within OPEC and from this, too much will depend on whether OPEC to do rebalancing within himself, or this will be additional volumes. There are a lot of unknowns, but overall we are ready, and our oil companies are ready for this competition” — said the Minister on air of TV channel “Russia-24”.
