18:53 GMT21 January 2021
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    A decision on freezing oil production may be reviewed in mid-March.

    MINSK (Sputnik) – The issue of freezing oil production to stabilize prices may be reviewed in mid-March during a meeting of energy ministers from OPEC member states and other countries not belonging to the organization, Russian Energy Minister Alexander Novak said Thursday.

    “As far as we understand, the OPEC countries plan to hold a meeting of OPEC member ministers and from other countries not belonging to OPEC and are planning to hold it in the middle of March. That’s when the decision will be bound in some sort of joint statement, joint papers, and so on,” Novak told journalists.

    He added that consultations are currently being held in order to determine which countries support and do not support the initiative.

    However, Noval thinks that low oil prices may last through 2017 if an agreement is not reached on decreasing production to January’s levels.

    “If the countries don’t agree on [decreasing production], competition will continue further, and those who are capable of increasing production will continue to increase it and the final cycle of low prices will be longer, perhaps all of 2016 and 2017,” Novak told journalists.

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    Tags:
    oil production, OPEC, Alexander Novak
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