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Novak: it is unlikely that OPEC will discuss the level of oil freeze in Algeria

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Novak: it is unlikely that OPEC will discuss the level of oil freeze in Algeria

Novak: it is unlikely that OPEC will discuss the level of oil freeze in Algeria
September 02
12:30 2016

Alexander Novak, Minister of Energy of the Russian Federation, said that commodity-exporting countries, which are a part of the OPEC cartel, will discuss global trends in the oil market and the overall situation at the Algerian informal meeting in September. In addition, Mr. Novak spoke skeptically about the forecasts that the talks regarding the suspension of oil production would be held at the meeting.

There were a lot of attempts of the oil-producing countries to agree among themselves about the freezing level of the “black gold” production in order to support quotations. But no attempt has become successful yet. And this is despite the fact that many exporters are losing the income because of the falling oil prices.

On Friday reporters asked  Novak whether the Russian Federation would agree to freeze oil production if Iran refused to take such measures. Novak said:

“The theme of the freeze is a separate issue that requires a separate discussion, because the situation is a bit different from the situation that was in February and April …”.

The Minister noted that raw material prices had risen since then.

“I think, probably, we will be discussing the overall situation on the market at the meeting if it is held”, – said  Novak.

Also, Alexander Novak informs that it is possible that he will meet with the Ministers of Energy of Iran and Saudi Arabia behind the scenes of the International Energy Forum, which will take place in Algeria.

Yesterday the “black gold” prices fell by more than 2 percent due to the fact that investors did not pay attention to the talks about the possibility of the OPEC production freeze and focused on the glut in the market, which had exacerbated the  increase in the US inventories.

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