Russia tells OPEC: We never promised you anything

Russia will make no apologies to OPEC for boosting oil CL-FT production to record monthly highs and can invest in new fields while crude trades at current levels around $70 (U.S.) per barrel, the country’s energy minister said.

Sergei Shmatko told reporters the world’s No. 2 oil exporter would apply zero export duties for East Siberian oilfields from the end of September, although it would step in to regulate the oil sector should world prices plunge again.