RUSSIA NOT PLANNING TO REDUCE OIL PRODUCTION – DEPUTY PM (STA BREAKING NEWS and ARCHIVES)

by STANews , Sunday, November 30, 2014, 12:29

Russia is to stay in line with OPEC’s decision not to cut oil production, said the country’s First Deputy PM, adding the move serves to secure the country’s position on the market and protect the budget.

"The experts say that one of the main reasons behind the falling oil prices is that some Arab oil producing countries... are squeezing out shale oil from the international market," Igor Shuvalov told Rossiya-1 TV Saturday.

"If such actions are happening with the aim to fix or confirm one's position on the market, we should not do anything at the moment to scale down our positions."

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http://rt.com/business/210015-russia-oil-opec-stable/