Low oil prices will automatically lead to a contraction in oil production at costly and inefficient projectswhich will reduce supply on the market, the minister said.
The Russian Energy Ministry isskeptical that OPEC (Organization of the Petroleum Exporting Countries)will decide to cut oil production quotas, Novak stressed.No additional decisions should be made to cut oil production in the current market conditions, the minister said.
Arctic projects not affected by oil prices
The implementation of Arctic oil and gas projects in Russia will not be postponed amid the current low crude oil prices, Novak told journalists on Wednesday.
The minister explained that currently the Arctic projects are on the stage of geological exploration."As you know, geological prospecting work in many projects is carried out just several months a year. I do not think that geological exploration will be suspended,” Novak said.
(TASS)
