Russia Should Join OPEC if Organization Reduces Oil Extraction: Lawmaker

MOSCOW, November 24 (Sputnik) — Russia should join the efforts of the Organization of the Petroleum Exporting Countries (OPEC) if the organization decides to reduce the amount of oil extraction, the deputy chairman of the energy committee in Russia’s lower house of parliament said Monday.

"What Russia can do is to join OPEC countries in lowering oil extraction amounts," Pavel Zavalny said at a conference at Rossiya Segodnya press center, adding that reducing the amount of oil extraction is necessary because "all the players are interested in not having such [price] leaps."

According to Zavalny, however, lowering oil production is "practically impossible" because most of it is contracted. "We have contracts, and to cut production means not to live up to obligations. This has to be discussed," Zavalny said.

"I will not be surprised if OPEC states don't make any decisions on cutting production on November 27, because not enough time has passed since the price fall began. It is more important to understand the fundamental reasons behind the fall," Zavalny said.

Oil prices have recently fallen due to increased oil production by the Organization of the Petroleum Exporting Countries (OPEC) countries. At their meeting in Vienna on November 27, OPEC members are expected to announce whether they will cut output to prop up prices amid worsening forecasts for consumption and the significant global increase in oil production.

Earlier in November, addressing the issue of oil prices, Russian Foreign Minister Sergei Lavrov said that Russia, as well as its partners in Saudi Arabia, is against the artificial manipulation of prices "as the result of some sort of political plans." Prior to OPEC meeting in Vienna, Russia is also planning to discuss the situation with falling oil prices with Venezuelan representatives.