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Novak has announced concrete proposals on the oil freeze

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Novak has announced concrete proposals on the oil freeze

Novak has announced concrete proposals on the oil freeze
September 05
16:00 2016

Russia is ready to support the decision to freeze the world oil production in any month of the second half of the year if the other oil producing countries agree to join the pact. This statement was made to the media by Alexander Novak, Minister of Energy of the Russian Federation. The Minister added that the details of the agreement would be considered at the September meeting in Algeria.

“It is a position of Russia and our colleagues in Saudi Arabia and other OPEC members who are actively working on the question of an informal meeting during the International Energy Congress in Algeria. Such a work is in progress “, Novak said.

According to Novak, it is proposed to suspend the oil production for the period from 3 to 6 months. In August the Russian Federation was producing 10.71 million barrels per day. This is more than 1 per cent below the level of the previous month.
“We have thoroughly studied the tools for implementation of joint actions. There can be instrument for freezing and limits establishing and even such instruments as the reduction of the production “, – said Novak after a conversation with Al-Falih, Minister of Energy of the Saudi Kingdom.

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