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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (10773)	12/17/2014 11:41:38 AM
From: Goose94	Respond to of 203397

Russia Will Keep Oil Output Steady With Prices to Stabilize 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. By keeping oil output unchanged, Russia is matching a strategy by OPEC, which said Nov. 27 it won’t curb production to tackle a global surplus. The government planned to hold a meeting yesterday to discuss the nation’s deteriorating financial situation. Sanctions imposed by the U.S. and European Union over the conflict in Ukraine spurred the worst capital outflows in six years as the economy nears recession. “The price will stabilize itself,” Novak told reporters at the meeting of the Gas Exporting Countries Forum. “Some investment projects by oil company may be reconsidered, but so far they have not adjusted anything.” The ruble sank as much as 19 percent to 80.10 yesterday, before recovering in Moscow. The drop was the biggest since 1998, when Russia defaulted on local debt.