Novak called the idea of freezing oil production is irrelevant

Novak called the idea of freezing oil production is irrelevant


Moscow. May 29. Minister of energy of Russia Alexander Novak said that the idea of freezing oil production has lost its relevance.

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“Today, as we see that the price of oil rebounded and bounced quite high in comparison with the beginning of the year, this theme from freezing while lost its relevance. Let’s see how will develop the situation”, – he said, speaking on Vestifinance.

The idea of freezing oil production leading oil-producing countries began in the beginning of the year, when oil prices fell to below $30 per barrel. In late January, Russia, Saudi Arabia, Qatar and Venezuela have agreed to freeze oil production at the level of January, provided that this initiative will join other OPEC countries.

Legally formalize the agreements of the country gathered in April at the meeting of OPEC in Doha. However, because of disagreements between Iran and Saudi Arabia to agree to freeze failed.

Later, Novak said that if the agreement on the freezing will not be achieved in the next two to three months, the idea will become irrelevant.