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Russian oil companies back Energy Ministry proposal on limiting oil production — minister

The talks between representatives of OPEC member-states and non-OPEC nations on the decision to cut crude oil production will be held on December 10 in Vienna

© Vladimir Smirnov/TASS

MOSCOW, December 7. /TASS/. Russian oil companies support proposals of the Energy Ministry on limiting oil production level, Russian Energy Minister Alexander Novak told reporters.

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OPEC, Russia agree on mutually accepted formula of oil production cut for 6 months

"Companies supported proposals of the Energy Ministry to limit the level of oil production," he said.

"All the details will be announced at the meeting in Vienna on December 10," he added.

Earlier, Head of Lukoil Vagit Alekperov told reporters after the meeting of Russian Energy Minister Alexander Novak with Heads of Russian oil companies that Lukoil will support any decision on reducing or freezing oil production.

However, so far there are no decisions on reducing oil production for companies. "There are no decisions yet, only recommendations," he said.

The talks between representatives of OPEC member-states and non-OPEC nations on the cartel’s decision to cut crude oil production will be held on December 10 in Vienna.

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