Russia May Join Oil Agreement Only if OPEC Countries Reach Consensus

Moscow continues negotiations on the agreement to stabilize the oil market and considers the option to join it after OPEC states reach a consensus, the Russian energy minister said.

MOSCOW (Sputnik) — Russia agrees non-OPEC countries should join the agreement on stabilizing the oil market after OPEC members reach a consensus, and Moscow continues negotiations with its partners on the matter, Russian Energy Minster Alexander Novak said on Saturday.

"We back the position that OPEC countries should first reach a consensus before other countries could join the agreement. Russia remains positive about the agreement and continues to participate in the consultations with our partners," the minister told journalists.

In September, the OPEC club of the world's major oil producers reached a preliminary agreement in Algeria to set the oil output ceiling at 32.5-33 million barrels a day for the cartel. The OPEC countries have yet to finalize the deal at the November 30 meeting in Vienna with non-OPEC states, including Russia, open to capping the output.

Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Prices have partially and are currently at around $45-50 per barrel.