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World oil prices

Novak: Disruption of talks on oil production freeze due to Iraq’s stance is unlikely

KRASNOGORSK, October 26. /TASS/. Disruption of talks on oil production freeze because of Iraq’s stance is unlikely, Russia’s Energy Minister Alexander Novak told reporters.

"It is unlikely because I see that OPEC countries are set to finalize the decisions that were announced in Algiers and to reach consensus. It is important to be consistent in decision making, this is also important for the market," he said.

Read also

OPEC decision on crude production cap will foster market rebalancing — IEA report

On Tuesday, Venezuela's Oil Minister Eulogio Del Pino told a press conference in Moscow that Iraq should be part of a production freeze agreement but a quota for the country is open for discussion.

Iraq does not rule out possibility of joining freezing of oil production, Oil Minister of Iraq Jabar Ali al-Luaibi said. Iraq is for signing agreement with OPEC member-states that would lead to a rise in oil prices and allow Baghdad to maintain its current level of production, Jabar Ali al-Luaibi said. Earlier he said that the country should be freed from restrictions on oil production because it is in the state of war against the ISIS terrorist group.

In late September, OPEC member-states managed to agree oil production limit of 32.5-33 mln barrels per day at the informal meeting in Algeria.

Earlier it was reported that the consensus reached in Algeria envisages possible exceptions for Iran, which has been recently freed from sanctions, as well as for Nigeria and Libya which experienced a decline in oil production because of war conflicts.

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Alexander Novak Oil price OPEC

Eastern Economic Forum

Development of Sino-Russian cooperation to be main topic of AmurExpo forum

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Switzerland unblocks Russia-related assets worth 290 mln Swiss francs

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France preparing contingent of 2,000 troops to be sent to Ukraine — intelligence chief

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Top Swiss diplomat reiterates need for Russia’s involvement in resolving Ukraine issue

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Russian forces take Ukrainian strongholds near Klescheyevka under control

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Russian envoy, Sudan's intelligence chief discuss military-political situation in republic

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Russian Foreign Ministry gives Israeli ambassador talking-to over critical remarks

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Militants cornered in Nalchik open fire when told to surrender — authorities

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Israel retaliates missile launches from Gaza Strip — IDF

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Ukrainian army strikes own surrendering soldiers — POW

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Most agents at Security Service of Ukraine set on war with Russia — former officer

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Ukrainian forces refuse to obey Commander-in-Chief Syrsky — CIA ex-analyst

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Putin informed about detention of Deputy Defense Minister Ivanov

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Azerbaijanian leader says reaching peace with Armenia by November 'quite realistic'

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Russian deputy defense minister detained on suspicion of bribe-taking

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Mexicans, Colombians recruited in US jails to be deployed in Ukraine — SVR

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Modern weapons make up 82% in Russian air defense troops — Shoigu

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US Abrams tanks, Bradley APCs unloaded in Greece — report

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Russian envoy, authorities of Afghanistan call for unfreezing of Afghan assets

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Russia presents world’s first hydrogen-fueled luxury car at Innoprom exhibition

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