Russia bolsters military potential in South to respond to emerging threats — defense chiefMilitary & Defense July 26, 16:09
Moscow to frame stance on new sanctions once US bill becomes lawRussian Politics & Diplomacy July 26, 16:03
Kazakhstan hopes to develop its own module for joint space station with RussiaScience & Space July 26, 15:34
EU diplomats move to slap more sanctions on Russia over Siemens turbines furorBusiness & Economy July 26, 15:11
London court binds Ukraine to pay par value of Eurobonds to RussiaBusiness & Economy July 26, 15:05
Siberian scientists suggest using fluorescent proteins to analyze toxicityScience & Space July 26, 14:56
Moscow Zoo’s breeding center home to world's endagered speciesSociety & Culture July 26, 14:53
EC announces readiness to defend European interests against US sanctionsBusiness & Economy July 26, 14:24
Official says it's up to Turkey as NATO member to decide on purchase of Russian S-400World July 26, 14:09
ISTANBUL, October 11. /TASS/. It is reasonable to freeze crude production for six months with potential prolongation, Russia’s Energy Minister Alexander Novak said Tuesday.
"I think for six months with potential prolongation," he said.
Earlier Lukoil Vice-President Leonid Fedun said it is reasonable to take the decision on crude production freeze for at least one year.
According to OPEC secretary general Mohammad Barkindo, the majority of cartel’s members prefer the six-year option regarding the issue of oil production freeze.
Novak went on to say that Russian oil producers are ready for crude production chasing.
"Russia has more than 200 producer companies, with less than 10 companies constituting the backbone. Russia’s (oil) sector is absolutely market-oriented as all companies operate in market environment and take decisions independently. We discussed the situation earlier with them when agreed to (crude production) freeze. Our companies expressed readiness to participate in joint efforts, and today, taking into consideration the discussion between OPEC and non-OPEC states, ready to consider proposals," he said.
According to Novak, Russia is ready to join the initiative on oil production freeze and consider the position of separate countries. He also assumes that OPEC member-countries will be able to reach an agreement within the cartel regarding the issue. "Today’s discussion demonstrates that the countries involved in the process are interested and reasonable and flexible enough, and also propose correct ideas," the Minister said.