Russia maintains oil output, altough OPEC deal

Russia has no plan to change its current level of oil output, said Russian Energy Minister Alexander Novak, albeit he applauds OPEC oil cartel's agreement to curb production.

"Russia will carefully consider those proposals which will be eventually drawn up. … But our position is keeping the volume of production at the level that has been reached. These are the main principles that were earlier being considered,” said Novak. The comments came after OPEC reached a preliminary deal Wednesday on the sidelines of the International Energy Forum to cut current production to 32.5 – 33.0 million barrel per day (bpd), for the first time since 2008.

Novak said Russia would like to see prices climb to the $50 to $60 range from the $40 to $50 range, an increase he said "would allow to satisfy both the interests of producers and consumers." He added that Moscow will continue to work with OPEC, which is expected to seek cooperation from producers outside the cartel like Russia and Mexico once it finalizes the details of its own production agreement during next month’s meeting in Vienna.

Russia is the largest oil exporter non-OPEC and in September produced crude at an average of 11.1 million barrels a day, compared with 10.7 million in August, reaching a new post-Soviet record high, according to Bloomberg.  Russia reached its record oil production in 1987 of 11.5 million barrels.

Russia's Lukoil CEO Vagit Alekperov said to reporters that all russian oil producers could sign a common protocol to stabilize production and assured Lukoil would be ready, TASS agency reported.