00:36 GMT13 April 2021
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    Oil in Turmoil (134)
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    Russian Energy Minister Alexander Novak said Moscow could freeze oil production at November levels provided that OPEC would agree on steps to stabilize output later this month.

    MOSCOW (Sputnik) — Russia could freeze oil production at November volumes if OPEC agrees on measures to stabilize output in Vienna later this month, Russian Energy Minister Alexander Novak said Thursday.

    "This will be discussed depending on when our OPEC colleagues will come to a common understanding… If the decision is made on November 30, then the month of November will be taken as the basis," Novak told reporters.

    On September 28, OPEC member states agreed to cut cartel-wide oil production to 32.5-33 million barrels per day without placing exact limits for individual countries. The OPEC countries are set to finalize the agreement on an oil output freeze at the OPEC summit in Vienna on November 30.

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    Oil in Turmoil (134)

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    oil output, OPEC, Russian Energy Ministry, Alexander Novak, Russia
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