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Russia ready to discuss freezing oil production

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Staff Writer | August 9, 2016
Russia is ready to discuss the issue of freezing oil production, but the issue is currently not essential, Russian Energy Minister Alexander Novak said.
Alexander Novak
Oil exploration   The countries of OPEC will discuss the issue
"We have always taken the position that we are ready for negotiations. Therefore, if it is needed, and - let’s say the countries of OPEC will discuss the issue - we are also ready to join," he said.

According to the Minister, to date, there are no prerequisites for discussing freezing oil production volume, given that oil prices are "more or less at a fairly normal level" - between $40 and $50 per barrel.

"But if prices fall, of course it could be necessary. Closer to the winter period we need to monitor the situation with the prices. Now it is a summer peak for demand and consumption of oil. The seasonal nature of it should be taken into account," Novak said.

It was reported earlier that the new meeting of oil exporting nations to discuss freezing oil production might be held in Algeria on September 26.

At the same time, the Russian Ministry of Energy has not received an official invitation from the OPEC to participate in the oil producing nations meeting in Algeria, a representative of the Ministry told TASS on.