The corresponding statement is published on the website of the Cabinet.
Novak emphasized that the Russian oil industry “has a high-quality resource base and a sufficient margin of financial strength to remain competitive at any predicted price level, as well as maintain its market share.”
At the same time, he noted that the Russian government "will pay special attention to the stable supply of the domestic market with petroleum products and the preservation of investment potential in the sector."
Earlier, the Iraqi Ministry of Oil reported that the country's authorities are negotiating with interested parties with a view to reaching an agreement to stabilize the oil market amid the termination of the deal to limit production.
On March 9, oil prices fell more than 30% after the OPEC + meeting, which culminated in Russia's withdrawal from the deal.
Later, Brent and WTI crude oil recovered about a third of the collapse during the auction.