Oil prices stable, thanks to OPEC deal: Russian Min.

By Murat Temizer

ISTANBUL (AA) - Oil prices have been stabilized in the market due to OPEC's decision to cut oil production, according to the Russian Deputy Energy Minister Anton Inyutsyn on Tuesday in Istanbul.

Inyutsyn spoke at the special session of the 22nd World Petroleum Congress, of which the Anadolu Agency is the global communication sponsor.

The minister said that price fluctuations in the oil market had previously affected Russia. "This is not something we are hiding. We succeeded in stabilizing prices with OPEC's oil production cut decision," Inyutsyn said.

He noted that despite price fluctuations and the European Commission's policy, Russia has a growing energy sector.

A number of anti-trust laws have been adopted either by the European Commission or the European Council in legislation relating to its internal market. These rules are in place to ensure that any country does not monopolize the EC's markets, including Russia, in oil and gas supplies.

He said that Russia is increasing production of coal and oil of which it increasingly exports to Europe.

The Minister stressed that the Russian government continues to work on oil and gas production.

"We create opportunities and are revitalizing the energy sector, but we observe environmental regulations as well," he said.

The Russian energy sector's production and export figures give important messages to foreign investors.

"There are a lot of foreigners in our country. Production of hydrocarbon resources, production of oil and natural gas is not normally permitted but this is not the case in Russia. Twenty percent of our hydrocarbon resources are produced by foreign companies," he explained.