Siberian Surprise: The Numbers Behind Russia's Oil Resilience
- Weaker ruble, low costs and tax regime support Russian output
- Oil exports set to grow for the first time in six years
Russia Nears Record Oil Exports
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OPEC has been putting a squeeze on rival oil producers by refusing to cut production to curb a global oversupply. Russia has no intention of succumbing to the pressure.
“I will tell you when Russian companies are for sure going to decrease production -- when oil costs $0,” Deputy Energy Minister Kirill Molodtsov said at an industry event in Moscow this month.