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Novak says Russia is not considering oil production cut, only oil freeze on agenda

October 11, 2016, 12:35 UTC+3

According to the minister, the reduction of oil output is only considered in theory at the moment

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© Viktor Drachev/TASS

ISTANBUL, October 11. /TASS/. ISTANBUL, October 11. /TASS/. Russia is not considering the issue of crude production cut at the moment, Energy Minister Alexander Novak told TASS Tuesday, adding that the issue is now only about freeze.

"We’re considering the option of keeping the production at the current level, we’re not considering its reduction," he said adding that the reduction of oil output is only considered in theory. 

According to Novak, the reduction of crude output may be considered as one of possible options and "as an instrument that OPEC countries use or used previously." "Theoretically, one can always consider it," he told TASS. 

OPEC will formulate proposals for other countries on crude production freeze by the end of October, Novak said: 

"OPEC will develop its proposals on implementation of Algiers decisions by the end of October." 

As was reported earlier Russia plans to announce its proposal on crude production cap after OPEC member-states take a final decision, which is expected to be made at the cartel’s upcoming meeting in November.

On September 28, OPEC member-nations agreed to cut supply to between 32.5 and 33 mln barrels per day 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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