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Russia works on final version of oil production stabilization — minister

The Russian Energy Minister says the current surplus of oil on the market by the end of the year will amount to 1 mln barrels per day

© Stanislav Krasilnikov/ITAR-TASS

ISTANBUL, October 10. /TASS/. Russia is working on the final version of stabilization of oil production, ready to consider the possibility of reducing it, Russian Energy Minister Alexander Novak told reporters on Monday.

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"We are currently working on all these issues, discussing it with our companies and so on. So far, we have not developed the final version, it will largely depend agreements within the OPEC," he said.

Novak said that the current surplus of oil on the market by the end of the year will amount to 1 mln barrels per day.

"By the end of the year it will be somewhere around 1 mln barrels. If at the beginning of the year we had 1.8-2 mln barrels, this year - somewhere around 1 mln barrels, there will be a reduction. But at any given moment the situation is different," the Minister said.

The minister said that in Istanbul he plans to meet with as many ministers as possible. "A lot depends on the schedule of other ministers. Usually we agree on time on the spot," Novak said.

On September 28, OPEC member-nations reached an agreement on Wednesday to limit the average daily oil production by 32.5 mln barrels. The Organization will discuss production limits of each member-nation at the next meeting in November.

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