Iran has declared readiness of Russia to reduce oil production

“Russia has agreed to cut oil production after our decision’s made [within OPEC],” said Sangani Reuters. Oil Minister of Iran said that the talks with optimistic expectations.

That Russia in case of the agreement on the reduction of oil production within OPEC is ready to “more flexible” should be reported Bloomberg, citing familiar with the plans of the Russian side of the source. Under a more flexible attitude, according to the source, means including a decline in production.

According to a source Reuters, OPEC expects from countries outside the cartel, the total decline in production of 0.6 million barrels. a day. At the same time from Russia, OPEC, according to the source, expects to reduce by 0.4 million barrels. a day.

The market optimistic about the prospects for today’s talks of the OPEC countries in which the cartel needs to consolidate gains made in Algeria at the end of September an agreement on the reduction of the total oil production to 32.5-33 million barrels. a day. The price of oil in the course of trading exceeded $51 per barrel. for the first time since October 25.

Last week the head of the energy Ministry of Russia Alexander Novak told reporters that Russia is considering a freeze of production at the November level. Novak noted that the freezing of production for Russia in fact will be equivalent to its reduction by 200-300 thousand barrels. a day.