MOSCOW - Russia will decide in May whether to continue limiting oil exports in concert with the Organization of Petroleum Exporting Countries, Russian Deputy Prime Minister Viktor Khristenko said Friday.
Khristenko said Prime Minister Mikhail Kasyanov will meet with the heads of the major Russian oil companies in mid-May to decide whether to continue restricting oil exports by 150,000 barrels per day, the Interfax news agency reported Friday.
Russia is not a member of OPEC, but agreed with the cartel earlier this year to limit oil exports, in an effort to keep world oil prices from falling. The current agreement, covering the second quarter of the year, expires at the end of June.
President Vladimir Putin has said cooperation with OPEC is not permanent, and will last only as long as it benefits Russia.
Russia is one of the world's largest oil producers, and exports are a major revenue-earner for the country's economy and tax coffers.
Russia's young oil companies have significantly boosted production in recent years.
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July 6th, 2025
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