Sunday, January 21, 2018

For Russia the most profitable freeze oil production at the current level

For Russia the most profitable freeze oil production at the current level

Russian Energy Minister Alexander Novak told reporters that he plans to hold a meeting today in Algeria with counterparts from Iran and Saudi Arabia.

According to him, Russia's most profitable oil production freeze at current levels. "But let's discuss the different options"- he added A.Novak.

"I think that this issue is being discussed. Of course, we would like it to suit all countries, which can participate in a frost. Of course, for Russia the most profitable - it is at the current level"- he said, answering the question, at what level of Russia was ready to agree to freeze production - the current or average over a certain period.

Earlier, the deputy head of the Ministry of Energy Kirill Molodcov reported that Russia in September reached another historic high of daily oil production in 11.086 million barrels.

A.Novak added that he would discuss the freezing of oil production at a meeting with Iranian Oil Minister Namdar Zanganeh Bidzhanom. "Yes, of course, we will discuss, inter alia, issues and possible coordination in the oil market", - he said.

Energy Minister also said that Russia is waiting for a common position of OPEC on the global oil market stabilization. According A.Novaka from this, in many ways, will depend on whether Russia will participate in the informal meeting of the cartel.

"Everything will depend on whether the agreement at a meeting of OPEC members", - he said.

Informal meeting of OPEC, according to the Russian minister, could take place "either today or tomorrow".

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