US visa suspension move tramples on idea of freedom — senior Russian diplomatRussian Politics & Diplomacy August 23, 6:19
Bout barred from calling out of US jail, meeting relatives for 2 months - lawyerWorld August 23, 4:57
Russia marking day of defeat of Nazi forces in world’s biggest-ever armor operationSociety & Culture August 23, 3:18
Ukrainian president briefs other Normandy Four leaders about his trip to DonbassWorld August 23, 2:23
Normandy Four leaders support expected ceasefire in Ukraine — KremlinRussian Politics & Diplomacy August 23, 0:27
Russia beggining development of response to new anti-Russian sanctions by USRussian Politics & Diplomacy August 22, 23:14
Investigators claim to have enough evidence to prove Serebrennikov guilty of fraudRussian Politics & Diplomacy August 22, 21:35
Washington tries to use events in Khan Shaykhun to justify its strike on Syria — MoscowRussian Politics & Diplomacy August 22, 21:31
Egypt to receive 15 Russian 'Alligator' helicopters in 2017Military & Defense August 22, 19:57
VIENNA, October 24. /TASS/. The decision of the OPEC countries to freeze or reduce oil production volume will allow to avoid market shortage and, as a result, unpredictable spikes in energy prices, Russian Energy Minister Alexander Novak said on Monday in the framework of the "Energy Dialogue Russia - OPEC".
"Oil prices declining more than twice became a serious challenge for all market participants. The strongest decline over the past 45 years and lack of funding risks turning into a deficit of energy resources, which will lead to unpredictable price spikes and eventually will hit consumers. In current conditions freezing or even decline in production for some time is the right solution for the global energy market. We do not believe that the measure disrupts the market mechanisms. On the contrary, it will speed up rebalancing of the market," Novak said.
He added that the measures for reducing oil production would lead to stabilization of the oil market and decline of volatility of oil prices.
Novak noted that cooperation between Russia and OPEC becomes stronger every year and that OPEC is now ready to play a leading role in eliminating imbalance in demand/offer in the oil market.
"Russia, being the largest independent oil producer, considers agreement within OPEC as an opportunity to launch wide-ranging consultations involving members of OPEC and independent exporters, on options to eliminate crisis in the oil market," the Minister said.