Russia is able to increase its oil output, but the decision should depend on the market situation, Deputy Prime Minister Alexander Novak said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 14th October, 2021) Russia is able to increase its oil output, but the decision should depend on the market situation, Deputy Prime Minister Alexander Novak said on Thursday.
"We see no point in saying that we are going to produce 11 or 12 or 13 million barrels a day, it will depend on the market situation. The market should be balanced and we should be a participant of the global market and act in the common interests," Novak said at a panel at the Russian Energy Week.
Thanks to modern technologies, Russia will be capable of tapping even the oil reserves that are hard to reach, the deputy prime minister noted.
