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 in an interview aired by the Rossiya-24 TV news channel on
Friday.
"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.
(ITAR-TASS)