04:59 GMT28 January 2020
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    Russia currently sees no prerequisites to freeze oil output, Russian Energy Minister Alexander Novak said Monday.

    MOSCOW (Sputnik) — Moscow, however, is ready to discuss the issue if the Organization of the Petroleum Exporting Countries (OPEC) raises it, according to the minister.

    "We have always been ready for negotiations. Therefore, if such a need arises, and countries, particularly OPEC, will be discussing this issue, we will be ready as well," Novak told reporters.

    "I don't think the prerequisites for this are ready yet, considering that prices are at a more or less normal level, between $45 and $50. If prices begin to fall, this possibility could, most likely, arise. We will need to monitor the prices until the winter period," he added.

    Russian energy minister also noted that he could meet his Saudi Arabian counterpart Khalid Falih in Algeria this fall.

    "I think there will be such an opportunity. We are now going to work out all the details of this trip and Russia's participation," Novak told reporters.

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    Tags:
    Oil, output freeze, OPEC, Alexander Novak, Saudi Arabia, Russia
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