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Russia waiting for OPEC’s final decision to present proposal on crude production cap

The Russian-Saudi working group on oil market’s stabilization will meet in early October.

© EPA/MOHAMED MESSARA

SOCHI, September 30. /TASS/. Russia will come up with its proposal on oil production cap once OPEC’s final decision is in place, Energy Minister Alexander Novak said Friday.

"(We’ll come up with it) after we have a final proposal of OPEC. As you know they’ll continue the work on particular parameters of their proposal in October and November," he said.

Earlier Iran’s Minister of Petroleum Bijan Namdar-Zanganeh said that OPEC would establish a coordinating committee, which will submit the final proposal on crude production cap in November. Also, individual quotas will be defined for countries.

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According to the minister, OPEC has to do big job to outline timeframe, quotas for countries within crude production freeze.

"According to announcements of OPEC ministers they’re going to form a consulting body for cooperating with non-OPEC nations, which means we’ll be expecting proposals. We see the positions getting closer but we realize that they have an even bigger job ahead in order to develop internal parameters on timeframe and quotas for countries," he said.

"There is much uncertainty over the mechanism of hitting the targets that OPEC has set for itself of 32.5-33 mln barrels per day. We’ll be able to refer (to OPEC’s proposal - TASS) after OPEC’s joint working group develops particular proposals whereas now we can only make suggestions," he said.

Moscow expects proposals from OPEC’s consulting body on cooperation with non-OPEC nations.

Meanwhile, active consultations have started between Russia and OPEC on stabilizing oil production after the OPEC decision.

Novak pointed out that the Russian-Saudi working group on oil market’s stabilization would meet in early October.

"We have a working group with Saudi Arabia formed, it is about to start its work. The working group will meet in the first third of October," he said, adding that Russia has already launched consultations with OPEC after the cartel took the decision to freeze crude production at 32.5-33 mln barrels per day.

In September, energy ministers of the Russian Federation and Saudi Arabia agreed to continue consultations regarding the situation on the oil market and form a joint monitoring working group to keep track of fundamental indicators of the oil market and work out recommendations on the measures and joint actions for providing stability and predictability of the market.

On September 28, OPEC member-nations reached an agreement to limit the average daily oil production to 32.5-33 mln barrels at the informal meeting within the International Energy Forum in Algiers.

Earlier Iran’s Minister of Petroleum Bijan Namdar-Zanganeh said that OPEC would establish a coordinating committee, which will submit the final proposal on crude production cap in November. Also, individual quotas will be defined for countries.

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