Russia to Evaluate OPEC Options of Oil Output Freeze Based on Market Interests

Russia will examine initiatives of the Organization of the Petroleum Exporting Countries (OPEC) aimed at freezing oil output and make a decision taking into account its market interests, Russian Energy Minister Alexander Novak said Tuesday.

ALGIERS (Sputnik) — "I wouldn't say we are ready to join any decision [taken by OPEC] without looking. Surely we will evaluate them based on Russia's interests, market's [interests] and so on. We have discussed options of freeze and the options are acceptable," Novak told journalists in Algeria, where he is taking part in the International Energy Forum (IEF) taking place on September 26-28.

In April, major oil-producing states failed to reach an output-freezing agreement in Doha, Qatar. Saudi Arabia, which had previously said that it would freeze output only if Iran followed suit, cited Tehran’s absence from the talks as the reason for not supporting an output freeze.