16:17 GMT18 April 2021
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    Oil in Turmoil (134)
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    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.

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    Oil in Turmoil (134)

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    Tags:
    oil production, OPEC, Russian Energy Ministry, Alexander Novak, Iraq, Russia
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