Russia considers cutting oil production to support price

MOSCOW, Nov 22 (AFP): Russia is considering cutting its oil production in a bid to revive prices, energy minister Alexander Novak said Friday as the falling price of crude along with Western sanctions over Ukraine have led to the ruble plunging in value.

"Is Russia ready to lower production to support prices? This question needs to be looked into carefully since the budget is strongly dependent on the price of oil," Novak was quoted as saying by Interfax news agency.

"There is no final decision," Novak said. "We are discussing the question. We are working inside the government on the expediency of such methods."

He said all oil exporting nations are concerned about the slump in oil prices. "This calls for careful analysis and possibly the development of some coordinated actions," Novak said.

Russia gets around half of its revenues from oil profits and its non-diversified economy has been badly hit as global oil prices have fallen by more than 25 per cent since June, coming at the same time as the West imposed economic sanctions over Ukraine.