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Oil prices rose on the statements of the Russian Federation to freeze production

Нефть подорожала на заявлениях РФ о заморозке добычи

Exchange quotations of oil have surged amid comments from the head of the Ministry of energy of the Russian Federation about possibility of the decision on freezing of oil production in March 2016

Oil prices continued to rise on the first calendar day of spring after reaching a local minima at the beginning of February. On the Intercontinental exchange (ICE) futures for oil of mark Brent with delivery in may rose 0.6% to $36,81 per barrel.

On the new York Mercantile exchange (NYMEX) futures for oil of mark WTI with delivery in April closed the trading session on Tuesday, 1 March, rising 1.9% to $34,40 per barrel.

One of the main factors of the price growth were the statements of the head of the Russian Ministry of energy Alexander Novak. He noted that in March between representatives of the leading oil producers will host a meeting on a possible decision to freeze production:

“Today, more than 15 countries have already confirmed publicly expressed their willingness. On the basis of those positions which were publicly announced, we can say that exporting countries – 73% of the physical volume of oil production, voted for the freeze. This critical mass of those countries that can agree.

Then we will work together with other countries-members of OPEC and OPEC to agree to meet in March to consider adopting the final decision”.

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