Russia Prefers To Freeze Oil Output, Not Cut It


ISTANBUL, Oct 10 (Reuters) - Russia will consider a proposal from the OPEC oil producers' group to cut output if such a proposal is made, but Moscow would prefer to freeze production, Russian Energy Minister Alexander Novak told reporters on Monday.

Novak, who is attending the World Energy Congress in Istanbul, also said he planned to meet OPEC Secretary-General Mohammed Barkindo on Wednesday. Russia is the world's top oil producer, and its output is continuing to grow.

Asked whether Russia would consider cutting output to help balance global oil markets, Novak said: "We in general will look at this (proposal) but I think that for us a more favourable situation would be to maintain output levels."

(Reporting by Olesya Astakhova; Writing by Katya Golubkova; Editing by Alexander Winning)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
john weaver | Oct. 11, 2016
Are we looking for honor ? Be serios. Raise production and then freeze.?

Paul Smith (Jusatyro) | Oct. 10, 2016
When it comes to world trade, all world products are not under the law of supply and demand ,..everything is regulated , taxed .or both ,this in turn regulates the price. These measures are used to maximum benefit of their corporations and the countries that are involved in the world trade agreements for the sellers and buyers .. whether we are talking about water, food supply. vehicles, electronics,or a barrel of oil.. And all countries will try use their natural resources or military might to their advantage in trying to influence their foreign trade policies. Its not conspiracy theories ,I read about it everyday in the stock market section.

Paul Smith (Jusatyro) | Oct. 10, 2016
Anything that is exported ,or imported ,be it raw materials, parts, or finish product are control by regulations ..Thats why its call a trade agreement ,be it between states ,or foreign governments can only be authorized by its rulers and the governing body. In the United States that would be President with the Senate approval. Through regulation and taxes governments can control the price of goods .

Paul Smith (Jusatyro) | Oct. 10, 2016
The United States government thought that the former states of the USSR might even sell their nuclear weapons to the highest bidders in an effort to stabilize Russian economy.. The United States used many plans in their foreign trade policy to help stabilize worlds economy. 1: Setting the floor price of a barrel with the oil producing countries 2: The Cooperative Threat Reduction (CTR) Program. Its not surprising that what works for Russia would also work to rebuild a war torn Middle East and help stabilize their economies after their civil wars... These government plans of good intentions does not go unnoticed by those who are practicing Parasitism. Now its being used for the same purpose to reverse the World Trade Agreement that helped Russia ,and middle-east to rebuild their economies after their civil wars. Once the ownership of small countries natural resources are assured ,the price of a barrel of oil will return to a more profitable market . Period. Brazil, Russia India and China are trying to reshaping the marketing world ...Get with it


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Billing Specialist | Full-Time | Houston, TX | Immediately
Expertise: Accounting|IT - SAP / ERP|Payroll
Location: Houston, TX
Base Manager_Operations Support
Expertise: Operations Management
Location: Washington, PA
Senior Accountant
Expertise: Accounting
Location: Houston, TX
search for more jobs

Brent Crude Oil : $56.43/BBL 0.40%
Light Crude Oil : $50.55/BBL 0.27%
Natural Gas : $2.95/MMBtu 5.44%
Updated in last 24 hours