Production freeze not key topic in Russia-OPEC energy dialogue - Minister

Russia's Minister of Energy Alexander Novak said Russia as yet considers only freezing the oil production, not cutting it.

The oil production freeze is not the key topic of the Russia-OPEC energy dialogue (due in Vienna on October 24 - TASS), but this topic would be on the agenda, Russia's Minister of Energy Alexander Novak told reporters on Oct. 21.

"The energy dialogue is a traditional format on other issues, unrelated to freeze, on coordination on the market. Those are the analysis, monitoring of the situation on the global oil markets, best practices in taxation, modern technologies, and there is a list of reports to be made from the OPEC side, by the Russian delegation - those are our scientific circles, the corporations," he said, adding during bilateral talks with the OPEC secretary general the coordination will be discussed, but it would not be a key topic.

Besides, the minister said Russia as yet considers only freezing the oil production, not cutting it.

Earlier, he said Russia would present its suggestions on oil production after OPEC’s final decision. This final decision may be made in November at the organization’s conference.

On Sep. 28, OPEC countries at the XV International Energy Forum reached the agreement to cut daily oil productions to 32.5-33 million barrels.

Source: TASS

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