Russian oil companies are ready to compete with the Organization of the Petroleum Exporting Countries (OPEC) regardless of quotas and redistribution within the oil cartel, Russian Energy Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday.
“The fixed quota — 30 mln barrels per day — is fully taken up by the OPEC member-countries. Thus, if any of the countries raises its quota and in case OPEC wants to keep this quota production volumes should be redistributed within the organization. Much will depend on this as well — whether OPEC will redistribute inside it or whether it will engage additional volumes. Though there’s much uncertainty here in total we’re ready to it. And Russian oil companies are ready to compete,” Novak said.