The
Organisation of Petroleum Exporting Countries’ (OPEC's) decision to abstain
from cuts in oil production has forced Russia not to proceed with its own cuts,
Russian First Deputy Prime Minister Igor Shuvalov, according to TASS news
agency.
The
OPEC agreed on Thursday to roll over the ceiling of 30 million barrels per day,
at least 1 million above OPEC's own estimates of demand for its oil next year.
Oil
prices have dived after the decision, reaching a new four-year low. North Sea
Brent fell by $2.43, or 3.3 percent on the day, to $70.15 on Friday.
Russia
is
