Major Oil Producers Bridging Divides Ahead of Output Limit Deal - Minister

© Sputnik / Alexandr Kryazhev / Go to the photo bankEnergy Minister Alexander Novak
Energy Minister Alexander Novak - Sputnik International
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Russian Energy Minister said that major oil producers that met on the sidelines of the Gas Exporting Countries Forum (GECF) in Doha are narrowing their differences ahead of an output limit agreement expected later this month.

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DOHA (Sputnik) The major oil producers that met on the sidelines of the Gas Exporting Countries Forum (GECF) in Doha are narrowing their differences ahead of an output limit agreement expected later this month, Russian Energy Minister Alexander Novak said Friday.

"The meeting in my opinion was very positive, very constructive. I see that the sides are indeed bringing together positions, and I think the prospects of reaching an agreement are acquiring a realistic character," Novak told reporters.

Alexander Novak said Friday his discussions with the Saudi counterpart on joint actions in the oil market and bilateral cooperation were productive.

"It was a very constructive meeting, because we discuss not only coordination on the market, which is currently the main issue in our negotiations… We discuss specific cooperation in the field of energy, implementing joint projects," Novak told reporters.

Members of the Organization of the Petroleum Exporting Countries (OPEC) reached a preliminary deal in September to cap oil production at 32.5-33 million barrels per day. The deal is expected to be finalized in Vienna on November 30.

GECF is an informal association of 12 gas producing and exporting countries. The 18th Ministerial Meeting of the GECF is taking place in its headquarters in Doha, Qatar on Thursday and Friday.

A possible agreement among oil producing countries to limit output would make it possible to seriously balance the oil market, Russian Energy Minister said Friday.

"Today, we and OPEC are discussing common issues related to coordinating actions. The freeze, which was discussed in the course of the year is, in our opinion, currently one of the tools that can seriously balance the market," Novak told reporters.

Russia and the Organization of the Petroleum Exporting Countries (OPEC) are nearing an agreement on measures to stabilize the oil market ahead of a crucial summit later this month, Alexander Novak said Friday

"We are moving in the direction of agreements. I see that our positions are converging, of course. That is why I am confident that by November 30, firstly, the OPEC and non-OPEC countries will agree," Novak told reporters.

OPEC members reached a preliminary deal in September to cap oil production at 32.5-33 million barrels per day. The deal is expected to be finalized in Vienna on November 30.

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