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Russia will join output freeze talks if prices fall: Russian Minister

by ChemOrbis Editorial Team - content@chemorbis.com
  • 01/09/2016 (16:39)
According to media reports, Russia’s Energy Minister Alexander Novak reported that there will be no need to renegotiate a crude oil output freeze to stabilize oil markets if prices continue to hover around the $50/barrel threshold. Previously, Novak had said that they were open to discuss a possible freeze in output with other members if needed. The Minister added that Russia will consider resuming discussions if oil prices post further declines.

OPEC and non-OPEC countries are expected to meet in Algeria during the International Energy Forum on September 26 to discuss an output freeze again in order to help stabilize oil markets.

Russia’s Energy Ministry is yet to make an official statement whether Novak will participate in the output freeze talks with Saudi Arabia and other OPEC nations.

So far, several leading producers including Saudi Arabia and Iraq reported that they support a decision to freeze oil output in order to increase prices. In addition, Iran also showed a positive attitude towards a joint action to support oil markets despite having made no final decision yet.
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