Title for Episode VIII of world’s famous saga ‘Star Wars’ revealedSociety & Culture January 23, 21:19
Russia’s chief negotiator: Astana format gives hope for new level in negotiating processRussian Politics & Diplomacy January 23, 20:52
Astana talks focusing on mechanism of Syria ceasefire observance — oppositionWorld January 23, 20:23
Russia and Turkey hit Islamic State targets near al-Bab in Aleppo provinceWorld January 23, 20:06
Russia’s 4th Yasen-class submarine completes hydraulic testsMilitary & Defense January 23, 18:56
Arctic airport in search for investorsBusiness & Economy January 23, 18:50
Rosneft begins Arctic shelf’s seismological exploration from 2017Business & Economy January 23, 18:38
Tesla takes the lead in sales of electric cars in Russia in 2016Business & Economy January 23, 18:18
Politician says European-style reforms to degrade Ukraine’s economyWorld January 23, 18:16
HANGZHOU, September 5. /TASS/. Russia and Saudi Arabia are going to discuss freezing oil production for 3 or 6 months, maybe more, Russian Energy Minister Alexander Novak told reporters on Monday.
"We are discussing the time of freezing oil production- from 3 to 6 months, maybe a longer period. Today we saw that some OPEC countries joined our application, in particular the United Arab Emirates," the minister said.
According to the minister, freezing oil production at levels of July, August or September 2016 is currently in talks.
"Given that it is already September, not the first half of the year, but one of the months of the second half if considered. It could be July, August, September," the Minister said.
He noted that Russia is ready to join freezing oil production with any given month. "We are ready to join any month, because we have been supporting this idea for a year, and it is important for us that other countries support it," Novak said.
The two countries are discussing possibilities of reducing oil production, to "freeze" it or to set a "ceiling" for production. The official noted that a freeze of oil production was the position of Russia, Saudi Arabia and a number of other OPEC countries, including Venezuela.
"We worked out in detail, what tools can be used for implementation of our joint actions (with Saudi Arabia). This can be such tools as "freezing", "setting ceilings" and "cutting production"," Novak said.
Novak also added that the OPEC Secretary General was working on organization of an informal meeting on oil production freeze in Algeria.