Russia Ready to Join Oil Production Freeze - Energy Minister

Russia is ready to join the oil production freeze as part of the efforts to stabilize the global oil market and supports the decisions adopted by the Organization of the Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said Tuesday.

ISTANBUL (Sputnik) — OPEC agreed in late September to cut its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day. Further details of the deal are due to be unveiled at the group’s meeting in November.

"At this point, the freeze or even the reduction is the most reasonable way to re-balance the market in order to reduce the volatility risks for all of us…which could have a negative impact on the current market situation, especially on investments in the sector," Novak said addressing the World Energy Congress in Istanbul.

"We, in turn, are ready to join the freeze as we already stated in January and confirmed our readiness in April," Novak stressed.