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The Russian energy minister Sergei Shmatko has said that the country has nothing to apologise for after it was criticised for ramping up oil output to take advantage of OPEC production cuts.
Reuters reported that the second-largest oil producer enjoyed record output in August as it pumped almost 10 million barrels per day (bpd).
“We never had any obligations [to OPEC]. When we were communicating, we never promised anything,” Shmatko is quoted by Reuters as saying. “To say that we do not abide by the rules is not correct.”
Russia has enjoyed the best of both worlds by not being a member of OPEC. The decision by the cartel to reduce production by 4.2 million bpd has helped the oil price stabilise at around the $70 a barrel mark over the last couple of months. With no quota restrictions Russia has been able
to take advantage of the agreeable market conditions without cutting its oil output.
Russia’s stance has not gone unnoticed by OPEC who is “not encouraged” by the lack of support it is receiving from the country. However, Shmatko seemed unfazed when questioned on the subject by reporters.
“If we talk about mutual interest and development of relations, we do not want to be sitting and guessing whether we will be invited to the next meeting,” Shmatko is reported as saying.
“Good for them to issue comments when our representative is not even there.”
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