KRASNOYARSK, February 20. Mechanism agreement for the freezing of oil production has not been determined, said at the Krasnoyarsk economic forum, Deputy energy Minister Anatoly Yanovsky.
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“On the mechanism of the agreement on freezing – not determined,” he said.
Currently negotiations are underway about the possibility of freezing the oil in the world. So, on February 16 in the Qatari capital Doha, Ministers of oil of Saudi Arabia, Qatar, Venezuela, included in OPEC and Russian energy Minister Alexander Novak held a meeting to discuss the possibilities of improving the price situation on the oil market. According to the Ministry of energy of the Russian Federation, the parties expressed their willingness to save, on average, in 2016 oil production at the level of January of the current year, if other countries-oil producers will join this initiative.
Venezuela – initiated freezing of oil production
The initiator of freezing oil supports Venezuela, told reporters at the Krasnoyarsk economic forum, Deputy Minister of energy Anatoly Yanovsky.
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“The initiator of this topic (freezing of oil – approx. ed.) was Venezuela, which during these months suffered from lower prices (for oil – approx. ed.) and she (initiated) question that you need to take some measures,” he said.
Yanovsky also said that the mechanism of the agreement on freezing of oil production has not been determined.
“On the mechanism of the agreement on freezing – not determined,” he said.
Maduro called the decision to freeze oil production “historical”
The consent of Russia, Saudi Arabia and Qatar to freeze the oil production to stabilize prices on the world market is the historical. This was announced on Friday, Venezuelan President Nicolas Maduro during a visit to production facilities in the oil belt district in the Eastern province of Orinoco.
“We are not in the least exaggerate (value) when we say that the statement was made Thursday in Doha, is historic,” said the Venezuelan leader. He thanked those members of the Organization of countries – exporters of oil (OPEC), which expressed willingness to join the Venezuela in its efforts to achieve the restoration of fair prices for hydrocarbons and Russia is not a member of the oil cartel.
Maduro said that in the near future “will send a message to OPEC and its constituent oil producing countries, which will present new specific proposals on stabilization of the pricing mechanisms in different markets”. In his words, “the behavior of the market of oil are driven by speculators who are not producers”. It is necessary that it is exporting “controlled the market and set the prices” for oil, said the Venezuelan leader.
Maduro pointed to the fact that on the world market “is celebrated the longest in 45 years the period of low oil prices”. In his opinion, this is due to the effects of the “economic war” being waged by the US to harm the economies of countries such as Russia, Iran and Venezuela.
On loan to Iran
The Deputy head of the Ministry of energy also reported that the provision of credit to Iran is not related to the agreement on freezing of oil production.
“Completely different things. If we are talking about loan, it for specific investment projects which are of mutual interest and from the point of view of Iran, and from the point of view of the Russian Federation, and they themselves are economically viable and self-sufficient”, – he said.
Binding document is not expected
Frost oil not intended to imply a binding document, said Yanovsky.
“Maybe there will be some joint statement is not legally binding,” said he, stressed that while clarity with this issue.
Help
In February 2016, Russia and Iran during the visit of the Iranian delegation initialed the documents for opening of credit line for $2.2 billion Earlier during the visit of Russian President Vladimir Putin to Tehran Russia and Iran have agreed on a loan to Finance the construction of Railways and power plants in Iran. The loan was hampered by the sanctions on Iranian banking system. After the lifting of sanctions, the parties discussed the mechanisms and conditions of lending.
Talks about the freezing of oil production
Currently negotiations are underway about the possibility of freezing the oil in the world.
So, on February 16 in the Qatari capital Doha, Ministers of oil of Saudi Arabia, Qatar, Venezuela, included in OPEC and Russian energy Minister Alexander Novak held a meeting to discuss the possibilities of improving the price situation on the oil market. According to the Ministry of energy of the Russian Federation, the parties expressed their willingness to save, on average, in 2016 oil production at the level of January of the current year, if other countries-oil producers will join this initiative.
See also
Teksler: Russia has no plans to reduce oil production, freeze – ready
On 17 February in Tehran passed negotiations of Ministers of oil of Iran, Venezuela, Iraq and Qatar to discuss the possibility of freezing the level of oil production. Following the talks, the Iranian oil Minister Bijan Namdar Zanganeh said that Iran would support any initiative to improve the situation with oil prices. As expected, Iran will be offered special conditions for the extraction of oil due to the fact that the sanctions, imposed on Iranian oil exports and payments for it were dropped on 16 January. Iran insists on rebuilding its desanctions quotas for oil production.
At the same time on 18 February, the foreign Minister of Saudi Arabia Adel al-Jubayr said that the country is not ready to cut oil production. This was reported by the AFP news Agency.
Krasnoyarsk economic forum is held under an informational support
See also
Krasnoyarsk economic forum 2016. February 20. Text translation
