Novak: the theme of the consultations with OPEC may be a reduction in oil production up to 5% each of the countries

Novak: the theme of the consultations with OPEC may be a reduction in oil production up to 5% each of the countries


ST. PETERSBURG, January 28. The subject of the upcoming February consultations of the representatives of OPEC and outside it is the Union of producers of oil would be to reduce production to 5% of each of the countries. This was stated by Minister of energy Alexander Novak.

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“This is the subject of meetings and discussions,” he said.

“Actually, when we were still at the previous meeting, the consultation was discussed, it was generally not about the Russian Federation, in General, countries that extract and export oil – such about settings and sounded on the reduction of production of each country to 5 percent,” said Novak.

He noted that the issue “is not straightforward”. “There’s a lot of questions reduction control, from which base to consider. To begin these questions to work, you need General agreement, too early to tell. Is the subject of meetings and discussions (in February),” said the Minister.

Novak also said he was ready to personally participate in the upcoming February meeting of OPEC and other oil producers, however until the question of at what level the meeting will be held, not resolved.

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“There is an invitation to meet at the Ministerial level. But actually there is no final agreement. If all Ministers will confirm, we will be at the Ministerial level, if not at the expert level,” said Novak journalists.

He said he was ready to participate in the upcoming February meeting may be a discussion on the limitation of oil production.

Novak noted that one of the initiators of the meeting was Venezuela. “We (the Minister of energy of Venezuela) on the phone. He initiates, they make a formal application sent to the Chairperson of OPEC in Qatar to convene such a meeting,” he said.

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