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Russia’s Energy Minister hopes to bridge the gap between oil producers in OPEC

September 09, 16:26 UTC+3 MOSCOW
Earlier Alexander Novak told TASS that there were chances that oil exporters would agree on oil production freeze
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© AP Photo/Hasan Jamali

MOSCOW, September 9. /TASS/. Russia’s Energy Ministry hopes all differences inside OPEC will be bridged, and a compromise will be found regarding the crude production issue, the Ministry reported following the meeting of energy ministers of Russia and Algeria on Friday.

"In April this year a decision was made that the cartel’s member-states would agree on coordination of action on the global oil market. Currently, if OPEC comes to a consensus we’re ready to join the consideration of particular proposals on crude production freeze. We hope that the differences inside OPEC will be overcome in the nearest future and a compromise will be reached," Russia’s Energy Minister Alexander Novak was quoted as saying.

The meeting between energy ministers of Russia and Algeria particularly focused on the situation on the global oil market.

"We haven’t reached a balance yet as we’re facing a huge supply regarding demand and relatively low prices, which prevents producers from investing in new projects. The international energy forum that will take place in Algeria and the 15th ministerial meeting planned to be held as part of it, is a great opportunity for both OPEC members and non-OPEC countries, to meet and discuss the current situation," Novak said.

The issue of potential freezing of global crude production was revived following the announcement of Russian President Vladimir Putin on September 2 about his supporting the agreement with OPEC on production growth restraint. He also expressed hope that other crude producers would support the initiative.

Earlier Novak told TASS that there are chances that oil exporters would agree on oil production freeze, but they are not 100%.

The International Energy Forum will be held on September 26-28 in Algeria, where the countries - exporters of oil are going to negotiate the potential oil production freeze. Venezuela, Ecuador and Kuwait are initiators of the discussion. Ministers of Saudi Arabia, Iraq and Iran have already confirmed their participation in private talks.

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