Russian oil companies are ready to compete with the Organization of the Petroleum Exporting Countries (OPEC) regardless of quotas and redistribution within the oil cartel, Russian Energy Minister Alexander Novak said during an interview with Russia’s Rossiya-24 TV news channel on Friday, TASS News Agency reports.
“The fixed quota — 30 mln barrels per day — is fully taken up by the OPEC member-countries. Thus, if any of the countries raises its quota and in case OPEC wants to keep this quota production volumes should be redistributed within the organization. Much will depend on this as well — whether OPEC will redistribute inside it or whether it will engage additional volumes. Though there’s much uncertainty here in total we’re ready to it. And Russian oil companies are ready to compete,” Novak said.
Officials from OPEC and oil producers outside the cartel (including Russia) held a meeting on Wednesday, but did not discuss the restrictions on crude output or setting a target range for prices, a Russian official that attended the talks told Bloomberg.
During the meeting, OPEC and non-member countries discussed the risk that low oil prices would reduce investment in new supplies, however they did not agree on concrete steps to boost the market, officials said following the talks.