Russian Adherence to OPEC Deal Not to Affect Exploration Plans - Official

© AFP 2023 / PRNewsFoto/Redhawk Investment GroupProduction and Drilling Project in Permian Basin. (File)
Production and Drilling Project in Permian Basin. (File) - Sputnik International
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Possible reduction of oil production in Russia under the framework of an agreement with OPEC will not affect oil and gas companies' plans to conduct exploration work, Russian Natural Resource Minister Sergei Donskoi said Tuesday.

Managing director of Nigerian National Petroleum Corporation -NNPC- Mohammed Barkindo speaks after inspecting the burnt oil pipelines belonging to the Nigerian National Petroleum Corporation at the Altas Cove in Lagos after they have been destroyed with dynamite by the Movement for the Emancipation of Niger Delta overnight on July 13, 2009 - Sputnik International
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OPEC Engaged in Dialogue With EU, China, Russia to Stabilize Oil Market
MOSCOW (Sputnik) — On November 30, OPEC agreed for the first time since 2008 to impose an oil production ceiling totaling 32.5 million barrels per day in an effort to stabilize the global oil market and raise the prices. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.

"In fact, it [deal] should not affect [exploration plans] because the volumes of exploration are currently long-term, and what is being carried out now will not be affected next year but in later periods," Donskoi told journalists.

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