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Russia and Saudi Arabia discussing oil output freeze for 3 or 6 months — minister

September 05, 16:16 UTC+3
According to the minister, freezing oil production at levels of July, August or September 2016 is currently in talks
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© Oleg Nikishin/Getty Images

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.

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