Piling up: Russia plans to stockpile oil
Kremlin unveils 126m barrel oil stash plan
Russia is working toward creating an oil and products reserve and could stockpile up to 16 million tonnes (126.4 miilion barrels) to take advantage of low oil prices, Deputy Prime Minister Igor Sechin told reporters today.
"We are getting ready for an Opec session, which will take place in March, and we are studying reserve options," Reuters quoted Sechin as saying.
He added low oil prices were prompting producers to think about reducing output.
"Such a reduction could reach up to 16 million tonnes, depending on market conditions. It is possible to study the possibility of buying this crude from the market," he said.
"You will agree that, at such prices, it is wise to talk about stockpiling options.
Opec is monitoring crude inventories very closely," he added.