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    A worker checks a valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016

    No Plans to Limit New Oil Fields in Russia With OPEC Agreement - Energy Minister

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    Russian Energy Minister said that Russia does not plan to limit new oil fields in the event that it reaches an agreement with the Organization of the Petroleum Exporting Countries on capping output.

    MOSCOW (Sputnik) Russia does not plan to limit new oil fields in the event that it reaches an agreement with the Organization of the Petroleum Exporting Countries (OPEC) on capping output, Russian Energy Minister Alexander Novak said Friday.

    "This [discovery of new fields] does not contradict [the possible agreement on oil output limit], we plan to introduce new fields," Novak said.

    He explained that the flow of supplies from unlocked oil fields would set off a drop in crude oil production at depleted ones.

    "This will allow us to maintain approximately the same level of production," Novak pointed out.

    OPEC oil producers agreed a preliminary deal on Wednesday to cap oil production at 32.5-33 million barrels a day. More details of the deal are due to be unveiled at the group’s meeting in November.

    The Russian energy minister hailed the accord as a positive sign for the market after Russia’s repeated calls to freeze oil output at an agreed level to shore up slumping prices. In the coming months, Russia is due to hold consultations with the OPEC on ways to stabilize the volatile oil market.

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    OPEC, Alexander Novak, Russia
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