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    Russia Ready to Join Oil Output Freeze Deal If OPEC Reaches Agreement

    © REUTERS / Sergei Karpukhin
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    Moscow is ready to join the agreement on freezing oil production levels if the Organization of the Petroleum Exporting Countries (OPEC) member states reach such a deal, Russian Energy Minister Alexander Novak said Monday.

    MOSCOW (Sputnik) — On Sunday, the participants of the negotiations of the major oil-producing countries in the Qatari capital of Doha on production levels' freezing from both OPEC members and non-cartel producers failed to reach an agreement on the issue.

    "We are always ready to communicate with our colleagues, with ministers from other countries. If they agree within the OPEC that it is essential to provide the preservation of [oil] supply volume and not to increase the production to rebalance the market, we will always be able to join [the deal]. This is our position," Novak told the NTV television channel in an interview.

    Oil prices have plunged more than 60 percent from their peak of $110 a barrel in June 2014 amid fears that the global oil production was outpacing the world’s demand.

    In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market situation in Doha and agreed to freeze oil production at January levels if other countries followed suit, in a bid to keep the oil prices from falling further.

    Related:

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    Oil Prices Fall Amid Producers' Failure to Reach Deal to Freeze Output
    Tags:
    Oil, OPEC, Alexander Novak, Russia
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