The energy Ministry supports the freezing of oil production by the end of the year, but clear agreements between oil-producing countries on this issue yet. As reported RIA Novosti, said the head of the Ministry Alexander Novak.
“There is no clear deadline. We are in the month of April [at the meeting in Doha] will talk about the timing,” said Novak.
The Minister expressed confidence that the oil market could stabilise after a maximum of nine months after freezing production. “In late 2016 — early 2017 might see the balance of supply and demand and stabilizing the oil market,” quotes his words TASS.
According to the head of the energy Ministry, in the meeting of oil-producing countries in Doha, April 17, may participate in more than 15 countries. The majority of States have already confirmed their intention to participate in negotiations. Following the meeting, Novak specified, should be adopted the resolution on the refusal to increase oil production.
Speaking about the position of oil-producing countries against Iran, which plans to increase production to 4 million barrels a day, Novak expressed the hope that it will become clear after the meeting in Doha. “When we will conduct consultations within the countries who will gather in Doha, then it is possible to give a clearer answer,” he said. “Our position is that we would and we support this way of posing the question individually to treat the offer of our Iranian colleagues with regard to the particular circumstances and that in January were lifted sanctions on supply of oil,” the Minister added.
February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Also about the intention to join the agreement said Iraq and Kuwait, and on 20 February, is now Nigeria. Russian energy Minister Alexander Novak said that over 15 countries have publicly confirmed readiness to freeze the oil.