Russia Will Keep Oil Output Steady With Prices to Stabilize
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Russia will keep its crude oil output steady next year and plunging prices will stabilize, Energy Minister Alexander Novak said, reiterating comments made almost three weeks ago that nation won’t adjust supply to halt a rout.
The world’s largest crude producer’s output will be similar to this year’s 10.6 million barrels a day, Novak said at a conference yesterday in Doha, the Qatari capital. Brent, the global benchmark, fell almost 50 percent since the end of 2013, contributing to a currency crisis in Russia, which relies on energy for half its budget.