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Russia’s Energy Ministry may return to idea of oil production freeze

Russia’s Energy Ministry does not rule out returning to the idea of oil production freeze, if oil surplus on the market grows

MOSCOW, June 3. /TASS/. Russia’s Energy Ministry does not rule out returning to the idea of oil production freeze, if oil surplus on the market grows, Energy Minister Alexander Novak told reporters.

"If oil prices falls, we will try to find out why it happened. If it is due to excess of supply over demand, that it is possible to return to this subject (of oil production freeze - TASS," Novak said.

Earlier Novak said that oil producing countries are not holding talks on "freeze" of oil production any longer but if such talks resume Russia is ready to return to this issue.

On April 17, the capital of Qatar Doha hosted the meeting of representatives of oil producing countries. It was attended by delegations of 18 countries. The 19th participant - Iran - refused to discuss the "freeze" of oil production. Teheran referred to the fact that recently removed sanctions that were imposed on the country’ oil exports were removed.

The participants of the meeting in Doha failed to agree on the "freeze" of oil production. After 12 hours of talks the parties came to conclusion that they need more time for consideration.

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