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Russia to hold consultations with OPEC on oil production cap in October-November

September 29, 19:00 UTC+3 MOSCOW
The OPEC members managed to agree upon oil production limiting at the level of 32.5 - 33 mln barrels daily at the informal meeting in Algeria on September 28
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© Yuri Smityuk/TASS

MOSCOW, September 29. /TASS/. The Russian Energy Ministry intends to hold a series of consultations with OPEC members on oil production limiting in October - November, Minister Alexander Novak said on Thursday on the air with Rossiya 24 TV Channel.

"Russia will thoroughly consider finalized proposals and we will also be involved in proactive consultations and talks with our colleagues from OPEC countries during these months [October and November - TASS].

Mechanisms stipulating oil production freeze at the achieved level, rather than its reduction, were considered earlier during talks with participation of Russia, Novak said.

"As far as the production limiting timeframe is concerned, various options are considered now. If the decision is taken in the beginning of the year, a longer term will be feasible, up to one year. Options of limiting by about six months plus or minus several months may turn to be optimal now," the minister said.

Decisions made at the OPEC meeting in Algeria "will make possible to reduce volatility of prices and participation of the speculative factor in prices volatility," Novak said.

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

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