ST. PETERSBURG, January 28. Russia has confirmed its participation in the meeting of OPEC and other oil producers in February to discuss low oil prices and coordination on a possible decline in production. This was stated by Minister of energy Alexander Novak.
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“Now, OPEC countries are trying to convene a meeting with the participation of representatives of (member countries) OPEC and non OPEC in February. This initiative came out of a separate country, now there is a study of issues among countries. We confirmed the possibility of its participation in such a meeting,” said Novak.
He noted that the date had not yet been determined. “The date’s not up to us. We at any time can meet. Now there is a study date with other countries”, – said the Minister.
According to him, such meetings were held before, but now the situation has changed in connection with the continuation of falling prices. “All assess how long the period will go to the restoration of these prices. We believe it appropriate to discuss the situation,” said Novak.
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He noted that the consultations, which now can be related “to assess the situation on the market, low prices and on possible options of coordinating production”.
Novak also said that the Ministry of energy has not yet carried out calculations of the possible reduction of oil production volumes.
“No, no such calculations. This individual, let’s say, the situation, if it comes to that,” said the Minister, answering a question whether the Ministry of energy estimates of amounts of possible reduction of oil production in Russia.
Oil prices over 40 years