20:16 GMT +323 January 2020
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    Russian are expected to participate in the oil freeze as it will be profitable for their budget, Russian Minister of Energy Alexander Novak said Monday.

    MOSCOW (Sputnik) – The Russian Energy Ministry expects that all Russian oil companies with participate in the oil freeze as it will be profitable for their budget, Russian Minister of Energy Alexander Novak said Monday.

    “We continue to work with our companies, hold consultations and hope that they all would take part in [the output freeze]. Taking into consideration that it would be profitable both for companies and budget as it will maintain prices and the investment process for companies, we count on a common approach in the implementation of these goals, " Novak said in an interview to Russia 24 broadcaster.

    In late September, the Organization of the Petroleum Exporting Countries (OPEC) member states reached a preliminary deal to set the output ceiling at 32.5-33 million barrels a day for the whole cartel. The date of the oil output freeze is expected to be presented at the cartel's upcoming meeting in November.

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    Tags:
    output freeze, export, companies, oil, OPEC, Russian Energy Ministry, Russia
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