{"id":2003,"date":"2014-11-24T14:33:43","date_gmt":"2014-11-24T19:33:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2003"},"modified":"2014-11-24T14:33:43","modified_gmt":"2014-11-24T19:33:43","slug":"russia-might-be-forced-to-cut-oil-production","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2003","title":{"rendered":"Russia Might Be Forced To Cut Oil Production"},"content":{"rendered":"<p><a href=\"http:\/\/oilprice.com\/Energy\/Crude-Oil\/Russia-Might-Be-Forced-To-Cut-Oil-Production.html\">Russia Might Be Forced To Cut Oil Production<\/a>.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">Russian Energy Minister Alexander Novak says Moscow is considering a possible cutback in oil production to help end the drop in prices, but there appears to be little it can do without harming its own energy sector.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">\u201cThe issue [of production cuts] requires careful consideration,\u201d\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/www.reuters.com\/article\/2014\/11\/21\/opec-russia-cut-idUSL6N0T80E020141121?rpc=401\">Novak told reporters<\/a>\u00a0in Moscow. \u201cBut on the whole, this question is being discussed, but there are no final decisions on it.\u201d<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">He said the issue was thorny because Russia doesn\u2019t have the technology to manipulate its supplies quickly. Besides, he said, the country\u2019s\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Dropping-Oil-Prices-Threaten-Moscows-Budget.html\">budget relies heavily<\/a>\u00a0on income from oil exports. Russia can\u2019t balance its budget unless the average price of oil is about $100 a barrel.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">Even that price may be too low. Some analysts say\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/www.reuters.com\/article\/2014\/11\/20\/opec-russia-idUSL6N0TA16P20141120\">oil should sell at up to $115 a barrel<\/a>\u00a0to allow Russia to balance its budget because spending has risen dramatically for social programs and the military. Further, US and European Union sanctions on Russia\u2019s financial as well as oil sectors have left the government short of cash.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia Might Be Forced To Cut Oil Production. Russian Energy Minister Alexander Novak says Moscow is considering a possible cutback in oil production to help end the drop in prices, but there appears to be little it can do without harming its own energy sector. \u201cThe issue [of production cuts] requires careful consideration,\u201d\u00a0Novak told reporters\u00a0in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588,592,595,694],"class_list":["post-2003","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-price","tag-oil-production","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2003"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2003\/revisions"}],"predecessor-version":[{"id":2004,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2003\/revisions\/2004"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}