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Russia, OPEC study mechanisms for stabilizing oil production — minister

October 24, 2016, 17:57 UTC+3

Moscow will host next Russia-OPEC Energy Dialog meeting in 2017

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© AP Photo/Hasan Jamali

MOSCOW, October 24. /TASS/. Russia and OPEC countries are studying various mechanisms to stabilize oil production volumes, Russian Energy Minister Alexander Novak said at a press conference in the framework of the "Energy Dialog Russia-OPEC" on Monday.

"We are working on various options and mechanisms for OPEC and non-OPEC countries. Now a more detailed study of specific proposals within OPEC is in progress. The proposals will be discussed in November at the next conference," the minister said.

Russia considers an option of either freezing or reducing oil production in terms of acting together with the OPEC, Novak said.

"We are viewing different options," the minister said responding to a question whether Russia is ready to reduce oil production instead of freezing it.

Different scenarios exist and "undergo estimation" in terms of discussed parameters and mechanisms, Novak said.

"As for the parameters and mechanisms we are discussing - there are different scenarios and calculations are being made. Not only for OPEC and Russia, the whole volume of production and demand is being discussed in order to come up with as precise forecasts as possible," he said.

Russia has not yet made final decision on the way of stabilizing oil production through reduction or freeze, Novak said earlier.

Novak told reporters earlier that the issue of freezing oil production will be discussed during the talks, but will not be the main topic.

According to him, the energy dialogue is a traditional format for discussing other issues that do not concern freezing oil production and market coordination. It includes analysis, monitoring of the situation in the world oil markets, exchanging the best practices in taxation, modern technologies.

The OPEC countries managed earlier to agree upon the oil production limit of 32.5-33 mln barrels daily at the informal meeting in Algeria on September 28.

Information and analytical interaction

According to the minister, Russia and OPEC countries agreed to join efforts in information and analytical interaction.

"We agreed with our colleagues and the OPEC that we will join hands in terms of information and analytical studies and analysis separately performed by the OPEC and Russian specialists now. We want to have a synergetic effect in this regard," the minister said.

Russia-OPEC Energy Dialog meeting

Novak went on to say that the next meeting of the Russia-OPEC Energy Dialog may be held in Moscow next year.

"We slated the next meeting will be in Moscow next year or probably in any other city. We will additionally determine it, depending on wishes of our colleagues," the minister said.

Since September 2012, Russia and OPEC have been holding meetings called "Energy Dialog Russia-OPEC". The most recent - the fourth meeting was held in Moscow on July 30, 2015, where the parties touched upon the situation in the oil market, as well as mid-and long-term prospects of its development.

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