16:17 GMT18 April 2021
Listen Live
    Get short URL
    Oil in Turmoil (134)
    0 64

    Russia will consider all options to stabilize the oil market, but its main option is the production freeze, Russian Energy Minister Alexander Novak said Wednesday.

    KRASNOGORSK (Sputnik) — When commenting on Venezuelan energy minister’s proposal to reduce the production by some 400,000-500,000 barrels per day, Novak said:

    “This proposal is not new. It is what OPEC is considering as one of the options. All options are being considered, they will be discussed at a technical level on October 28-29. Our basic stance, which we discussed in February and in April, is the production freeze. The basic option," Novak said.

    A failure to sign an agreement on oil market stabilization amid Iraq’s unwillingness to reduce production is not likely, the Russian minister said.

    “It is unlikely, because I can see OPEC countries’ willingness to implement those decisions, which they have reached in Algeria, to reach a final consensus,” Novak said.

    Earlier this month, Iraqi oil officials expressed their unwillingness to reduce country's oil production from 4.7 million barrels daily.

    Oil in Turmoil (134)


    Russian Minister Considers Oil Price of $48 per Barrel in 2017 'Realistic'
    Russia May Consider Oil Production Cut – Envoy to OPEC
    S&P Downgrades Rating of Venezuela’s State Oil Company PDVSA to SD
    Oklahoma Oil Spill Prompts Pipeline Shutdown, US Crude Prices to Sink
    oil production, OPEC, Russian Energy Ministry, Alexander Novak, Iraq, Russia
    Community standardsDiscussion