Russia says 'doors not closed' to cooperation with OPEC

Russian Energy Minster Alexander vak said Tuesday that Moscow remains open to furr cooperation with OPEC to stabilise oil market.

"I want to say doors aren't closed," vak told state-run Rossiya 24 television network.

lack of agreement with OPEC on extending production cuts "does t mean that in future we can't cooperate with OPEC and n-OPEC countries".

"If necessary we have various tools including reduction and increasing production," vak said, ding that new agreements can be reached.

"We have planned next meetings in May or June to assess situation on market." Russia refused to agree to a proposal by OPEC ministers led by Saudi Arabia for a drastic cut of 1.5 million barrels per day, with Russian oil companies fearing loss of market share and of competitiveness against US shale production.

Saudi Arabia responded on Sunday with biggest cut in its prices of past 20 years in a bid to win market share.

Saudi Aramco said Tuesday it will boost its supply of crude oil to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.

vak said Russia could also swiftly increase its production.

"We have potential for growth in production. I think in short-term we can increase by 200-300,000 barrels (per day) with prospect of 500,000 barrels, that's in near future." He ded that Russia is competitive on world markets because of low production costs.

Oil prices crashed on Monday, registering single biggest one-day loss in three deces after Saudi Arabia's price cut.

Russia, world's second largest oil producer, also saw ruble fall heavily in value against dollar and euro to levels last seen in early 2016. 

(Im Credit AP)