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Russia Won't Raise Oil Output To Prevent Higher Prices -Report

Russia Wont Raise Oil Output To Prevent Higher Prices -Report
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Παρ, 4 Μαρτίου 2011 - 16:43
Russia won't increase oil production to prevent further price increases due to the crisis in Libya, German magazine WirtschaftsWoche reports in a prerelease Friday, citing Russian Energy Minister Sergei Shmatko.
Russia won't increase oil production to prevent further price increases due to the crisis in Libya, German magazine WirtschaftsWoche reports in a prerelease Friday, citing Russian Energy Minister Sergei Shmatko.

"The fact that prices are rising is due to concerns over possible shortages. But this is only a short-term impression," the report quotes Shmatko as saying.

, adding that there is a need to remain calm.

Shmatko doesn't expect Libya to halt oil supplies, the report says.

Instead of short-term crisis assistance, Russia could offer long-term contracts for the supply of oil, the report cites him as saying.
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