Output Freeze Deal With OPEC Should Stop Oil Price Fall - Russian Deputy PM

© REUTERS / Sergei KarpukhinA worker checks a valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016
A worker checks a valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
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If an agreement on the freezing of oil output is reached by members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, there should be no further drop in oil prices, Russian Deputy Prime Minister Arkady Dvorkovich said.

Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
OPEC Deal Allows Russia to Increase Oil Production by 1.9% in 2016
MOSCOW (Sputnik) Russia and some of the biggest OPEC oil-producers are attempting to negotiate a deal to freeze output at January levels, hoping the action will eventually cause oil prices to rise.

"Such predictions are difficult to make, but there should be no serious [oil price] drop in the future," Dvorkovich told journalists on the sidelines of the Krasnoyarsk economic forum on Friday when asked about the effect of the possible output freeze.

On Tuesday, Russia, Saudi Arabia, Qatar, and Venezuela held talks on the current oil market situation in the Qatari capital of Doha and agreed to proceed with the output freezing initiative if other countries followed suit. The proposal was later backed by Ecuador, Algeria, Nigeria and Oman.

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