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.