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Russian energy ministry has received no proposals on oil production decrease

September 25, 2016, 18:42 UTC+3

Anyway, according to the Russian minister, a possible agreement on freezing oil production is not "critical" for Russia

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© Egor Alayev/TASS

MOSCOW, September 25. /TASS/. Russia’s ministry of energy has received no proposals from oil exporting countries on oil production decrease, so far only possible production freeze is on the agenda, Minister Alexander Novak said on Sunday.

"At least, no one has contacted us with such proposals," he said commenting on Algeria’s statement on possible discussion of oil production decrease at a meeting in that country.

The mass media reported earlier that Algeria does not rule out that oil exporting countries might reach an agreement on oil production decrease rather than on production freeze. It was also reported that Saudi Arabia might cut oil production by 500 barrels a day.

Anyway, according to the Russian minister, a possible agreement on freezing oil production is not "critical" for Russia as the market will stabilize the balance of demand and supply itself.

"It is not critical for us," he said when asked how important it is for Russia to reach relevant agreements.

"I think already in the second half of the year we will see a restored balance of demand and supply," he said, adding that it will take place even if an oil production freeze agreement is finally reached.

Apart from that, he said no exact date for a meeting in Algeria on stabilization of oil production has been appointed so far. "Frankly speaking, we don’t know when we meet. I suggested we do it on September 26-27," he told journalists.

Novak told TASS earlier this week that Russia is ready to discuss coordinated actions on the oil market at the informal meeting of oil exporting countries in Algeria.

Algeria will host an international energy forum on September 26-28. It is expected that oil exporting countries will hold talks on oil production freeze within the framework of the Algeria forum. The discussion was initiated by Venezuela, Ecuador and Kuwait. Earlier, Saudi, Iraqi and Iranian minister confirmed their participation in the talks.

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