RUSSIA IN A FIX
Russia will keep its crude oil output steady next year and plunging prices will stabilise, Energy Minister Alexander Novak said, reiterating comments made a month ago that the nation won't adjust supply to halt a rout.
The world's largest crude producer's output will be similar to this year's 10.6 million barrels a day, Novak said at the 16th Ministerial Meeting of the Gas Exporting Countries Forum in Doha. Brent, the global benchmark, fell almost 50% since the end of 2013, contributing to a currency crisis in Russia, which relies on energy for half its budget.
By keeping oil output unchanged, Russia is matching a strategy by OPEC, which said November 27 that it won't curb production to tackle a global surplus. Sanctions imposed by the U.S. and European Union over the conflict in Ukraine spurred the worst capital outflows in six years as the economy nears recession.