Bank Of Baku

Russia not to increase oil production

Russia not to increase oil production
# 05 March 2011 08:16 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Russia will not increase oil production to prevent further rise of oil prices, Energy Minister Sergei Shmatko said in his interview to German magazine WirtschaftsWoche.

Sergei Shmatko considers that rise of prices is due to the concerns over oil shortages, but this is only a short-term impression. He advises oil producing countries to switch to the long-term contracts, this allows insuring against price changes.

The price of WTI crude oil is $104.42 per barrel, Brent $115.97 per barrel. At present, contracts on exportation for the nearest month are concluded at the oil market.
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