Sunday, 12 October, 2014, 18:07 World
Russia may cut oil production due to falling world price
Oil in Russia. Photo: novostienergetiki.ru
Oil in Russia. Photo: novostienergetiki.ru

Addressing Oct. 12 the international energy forum in Abu-Dhabi, Russia deputy energy minister Yuriy Senturin said:

 “If the price drops to a critical level, large oil producers will cut oil production, although it will lead to dwindling revenue,” Prime reports the official as saying.

Oil is one of Russia’s cash cows, the other being gas.

One of the ways to stop Russia’s aggression in Ukraine was to reduce the world prices for oil.

The USA warned that it will release its strategic oil reserves to make Russia follow the line. 

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2017-12-16 15:09:41