Russia will support the freezing of oil production, if the members of the Organization of countries – exporters of oil (OPEC) will agree on the final decision. As reported TASS, told journalists the Minister of economic development Alexei Ulyukayev.

“We talked about the fact that we are ready to support the freezing of oil production. The freeze level is a debated issue, but in General we are ready to maintain it,” he said.

September 28 OPEC members at an informal meeting in Algeria in the framework of the XV International energy forum, despite the skepticism of the participants prior to the event, were able to agree on limiting crude oil production at the level of 32.5-33 million barrels per day.

Now the cartel creates a coordinating Committee, which in November will present the final proposal to limit oil production. Should also set individual quotas for member countries.

Many analysts, however, doubt that the agreement about production limits will be respected and will be of interest to exporters outside OPEC. And the growth of prices in the case of the implementation of the transaction will lead to the drilling of new wells around the world, causing a new increase in supply.

Minister of energy of Russia Alexander Novak said earlier that Russia sees many uncertainties in the mechanism for countries to achieve targets by OPEC to limit oil production at the level of 32.5-33 million barrels per day.

According to him, when the OPEC for October-November will develop concrete proposals, Russia will be able to respond to them.

Novak noted that if Russia will go into agreement with OPEC, we’ll find ways to freeze the oil production. The Minister promised to continue the implementation of plans of commissioning of new oil deposits for reimbursement of drop-down of production at Mature fields.



Ulyukayev: Moscow will support the freezing of oil production if OPEC will make a final decision 04.10.2016

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