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Russia ready to consider production freeze at February-March level — minister

April 08, 16:39 UTC+3
On April 17, representatives of global oil-producing countries will meet in Doha (Qatar) for discussion of oil output stabilization
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© Vladimir Smirnov/TASS

MOSCOW, April 8. /TASS/. Russia’s Energy Ministry is ready to consider freezing crude output at February-March level in case there are such proposals, the country’s Energy Minister Alexander Novak said Friday.

"No, we’re not considering [it] as we’ve agreed [to freeze oil production] at January level. But we will consider it in case there are such proposals [to freeze crude oil production at the level of February -March]," Novak said when asked whether the ministry is considering the possibility of freezing crude oil production at February-March level.

On April 17, representatives of global oil-producing countries will meet in Doha (Qatar) for discussion of oil output stabilization.

In mid-February oil ministers of Saudi Arabia, Qatar, Venezuela, and Russian Energy Minister Alexander Novak met in Doha and expressed readiness to maintain the average oil production level in 2016 at the level of January this year in case other oil-producing countries join the initiative. The majority of oil producers have confirmed their participation in Doha meeting. Russia’s Energy Ministry said over 15 states may attend the meeting. Novak said earlier a resolution on non-increase of crude output by the countries jointing the agreement compared with the January 2016 level, may be passed at the meeting.

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