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Russian energy minister Novak sees 'no risk' OPEC agreement fails

December 10, 2016, 12:43 UTC+3
Non-OPEC countries are expected to cut production by 600,000 barrels per day in total
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© Yury Smitiuk/TASS

VIENNA, December 10. /TASS/. Russia's Minister of Energy Alexander Novak says he does not see risks the OPEC agreement fails.

"I do not see any risk," he said in response to a question from reporters on Saturday. 

Non-OPEC countries are expected to cut production by 600,000 barrels per day in total. Novak confirmed earlier that Russia is ready to cut production by 300,000 barrels, or half of the required total volume.

Media reported that 11 non-OPEC countries may participate in the meeting in Vienna, including Oman, Mexico, Bahrein, Sudan. Ministers of Azerbaijan and Kazakhstan earlier confirmed that they will attend the meeting. 

Russia is ready for oil production cuts 

Russia will follow earlier announced production cuts, Novak said, adding Moscow is ready to cut the production by 300,000 barrels.

Rebalancing oil market without an agreement on production optimization would be possible only in the long term, Novak stressed:

"Without concerted efforts by the world's leading oil producers market stabilization would be possible only in the distant future." 

"We have announced our obligations, and we shall confirm them," he said, adding non-cartel countries may cut the output by 600,000 barrels a day.

OPEC member countries will hold talks with Russia and other non-OPEC states in Vienna on joining the agreement on cutting oil output. 

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