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World oil prices

Russia hopes for consensus on oil production freeze

Last week a special committee of OPEC countries held a meeting in Vienna to work out a mechanism on restriction of oil production

© Dmitry Rogulin/TASS

MOSCOW, November 1. /TASS/.Russia hopes for consensus on oil production freeze, the Russian President’s spokesman Dmitry Peskov told reporters.

He was asked to comment on the results of consultations between experts of OPEC and non-OPEC countries that were held last week

Read also

Putin does not see any problems with final agreement on freezing oil production

"They continue to work in this direction. We can state that positions of most of the countries mainly coincide. The work will continue. We hope for a consensus in this area," Peskov said.

Last week, a special committee of OPEC countries held a meeting in Vienna to work out a mechanism on restriction of oil production. Besides the representatives of OPEC countries also Russia, Azerbaijan, Brazil, Kazakhstan, Oman and Mexico tool part in it. The next meeting is scheduled for November 25-26.

The meeting in Vienna was held in the format of consultations and the participants did not result with any concrete proposal. The experts discussed the roadmap for the mechanism to stabilize the oil production and to implement the agreements that were reached earlier in Algiers. Those agreements imply restriction of oil production on the level of 32.5-33 mln barrels per day.

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Vladimir Putin Oil price OPEC

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