Saudi Minister was advised to forget about the reduction of oil production

The Minister of oil of Saudi Arabia Ali al-Nuaimi has ruled out the possibility of reducing oil production in the country, reported Reuters citing Saudi newspaper al-Hayat.

“Forget about this topic”, — said the Minister on the question of whether Saudi Arabia to cut oil production.

Tuesday, 12 April, oil Minister of Saudi Arabia held talks with the head of the energy Ministry of Russia Alexander Novak. Russian authorities refused to disclose details of the negotiations, only confirming the fact of the meeting. “Interfax” with reference to a diplomatic source in Qatar said that the parties agreed on the issue of freezing of oil production, which will be discussed on Sunday in Doha. According to the source, Saudi Arabia has confirmed that it will take a decision on freezing regardless of the position of Iran. The agreement was confirmed by a source in the Russian delegation.

Thursday Alexander Novak said that oil producing countries may agree to freeze production and in case of refusal of Iran to accede to the agreement. If “someone doesn’t want to join [to the agreement], no one is forced to make will not”, said the Minister.

In December Reuters reported that Saudi Arabia has expressed its willingness to support the reduction of oil production, if other major exporters, including Russia, will take on a similar commitment. In January the Minister of energy discussed possible scenarios for the reduction of oil production in Russia with heads of major Russian oil and gas companies, said two sources in oil companies. Novak himself said that Russia is ready to discuss with Saudi Arabia and other OPEC members is proportional to the reduction in oil production by about 5% to restore balance in the market.

In February, the talks in Qatar, representatives from Russia, Qatar, Venezuela and Saudi Arabia agreed to freeze oil production at the level of 11 January 2016, provided that so will other major exporters. This agreement will be discussed in Doha on Sunday, April 17. The oil Minister of Iran has not confirmed its participation in the event. In early April, Deputy crown Prince and defense Minister of Saudi Arabia Mohammed bin Salman announced that the country will freeze the prey only if the consent of Iran to accede to the agreement.