Russia has no plans to cut oil production, Russian Deputy Prime Minister Alexander Zhukov told the reporters in Shanghai, RBC reports. According to Zhukov, Russia will boost oil production, though not at the same pace as at the beginning of the century. According to Russia’s Statistics Agency, in 2005 oil production in Russia (including gas condensate) grew by 2.29% against 2004 amounting to 470 million tons. The Ministry of Industry and Energy of RF forecasts this year it is to total 479-484 million tons (+1.9-2.9% against 2005).
On October 20, 2006 Organization of Petroleum Exporting Countries (OPEC) has adopted a decision to cut daily oil production by 1.2 million barrels to 26.3 million barrels from November. The decrease is about 4.4% of current production of OPEC and a little more than 1% of oil consumption in the world.