Russia is ready to join the decision to freeze or reduce oil production, which is necessary to preserve the stability of the oil market. Such statement the President of Russia Vladimir Putin made at the world energy Congress in Istanbul, reports “RIA Novosti”.
“In this situation, we believe that the freezing or even reduction of oil production is perhaps the only correct decision to preserve the stability of the entire global energy,” the President said.
According to Putin, such measures will accelerate the rebalancing of the market. “Russia is ready to accede to joint measures to limit production and calls for the other oil exporters,” — said the President. He also supported the initiative of OPEC in fixing of limits on production. Putin expressed hope that the meeting of OPEC, scheduled for November, “this idea will be embodied in specific arrangements”.
It is expected that the next OPEC meeting scheduled for November 30.
Their support for the freezing of oil production Vladimir Putin said in an interview with Bloomberg in September. Then he noted that Russia expects from other participants in the oil market, including from Iran that they will do the appropriate arrangements.
In late September, the Minister of oil of Iran Bijan Zanganeh said that OPEC for the first time since 2008, agreed to reduce the level of oil production. The cartel agreed to produce approximately 700 thousand barrels per day less. Then it was explained that the volume of production for each country will be determined at the meeting in November. The Minister of energy of Saudi Arabia the Caliph al-falih said that Iran, Nigeria and Libya will be allowed to get “to the maximum levels within reasonable limits”.
Bloomberg published on 4 October a study according to which in September updated record of oil production in OPEC countries. According to him, the total production of the cartel were 33.75 million barrels. a day.