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Russia and Saudi Arabia mull options to freeze oil production

September 05, 20:31 UTC+3 HANGZHOU
Russia and Saudi Arabia have discussed possibilities of reducing oil production, Russian energy minister said
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© Sergei Konkov/TASS

HANGZHOU /China/, September 5. /TASS/. Russia and Saudi Arabia have discussed possibilities of reducing oil production, to "freeze" it or to set a "ceiling" for production, Energy Minister Alexander Novak told reporters.

"We worked out in detail, what tools can be used for the implementation of our joint actions (with Saudi Arabia). This can be such tools as "freezing", "setting ceilings" and "cutting production"," Novak said.

On Monday, on the sidelines of the G20 summit in China, Russia and Saudi Arabia, which control more than 21% of global oil consumption, signed a joined statement on measures to stabilize the oil market. Among possible measures they named the "freeze" of oil production.

The countries’ Energy Ministers noted that constructive dialogue and close cooperation among major oil producing countries is crucial to oil market stability to ensure sustainable levels of investment for the long term.

In their joint statement the ministers recognize the current challenges in the supply side of the global oil market, including major contraction of capital investments in oil extraction on a global scale, particularly in exploration, as well as mass deferrals of investment projects, which made the market, as a whole, more volatile and therefore unsustainable to both producers and consumers in the long term.

Furthermore, the ministers also agreed to continue consultations on market conditions by establishing a joint monitoring task force to continuously review the oil market fundamentals and recommend measures and joint actions aimed at securing oil market stability and predictability, according to the statement. 

 "The freeze" of oil production is the position of Russia, Saudi Arabia and some other countries-members of OPEC, including Venezuela, Russia’s Energy Minister Alexander Novak told reporters.

"This is the position of Russia, the position of our colleagues in Saudi Arabia and some other countries-members of OPEC, that are now working intensively on holding an informal meeting at the International Energy Congress in Algeria. We have received relevant proposals from Venezuela. Now, OPEC Secretary General is w On Monday, on the sidelines of the G20 summit in China, Russia and Saudi Arabia, which control more than 21% of global oil consumption, signed a joined statement on measures to stabilize the oil market. Among possible measures they named the "freeze" of oil production.

The International Energy Forum will be held on September 26-28 in Algeria. As part of that forum, oil exporters can negotiate about the "freezing" of oil production. The initiators of the discussion are Venezuela, Ecuador and Kuwait.

Ministers of Saudi Arabia, Iraq and Iran have already confirmed their participation in the private talks.

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