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Russia’s Energy Minister: Output freeze talks to end by Mar 1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/02/2016 (14:18)
Russia’s Minister of Energy Alexander Novak stated that the discussions on a preliminary deal to freeze oil output by leading oil producing countries should reach a conclusion by March 1, according to media reports. Previously, Saudi Arabia, Venezuela, Qatar and Russia indicated their willingness to freeze output at January levels at their meeting in Doha, Qatar on February 16, to which Iran indicated a positive reaction, although the country did not specify whether or not they would limit their own crude production.

Novak said that the countries concerned, excluding Iran, already cover around 75% of global oil export volumes and added that such an output freeze deal would result in a decline of 1.3 million barrels per day (bpd) in global oil surplus.

Meanwhile, Russia’s first deputy energy minister Alexey Texler stated that Russia’s January production was 1.5% higher than the country’s annual average output in 2015. Data released by the International Energy Agency (IEA) showed that Russia’s oil output was reported at 10.9 million bpd in January.
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