Russia’s envoy to OPEC, Vladimir Voronkov stated that Russia agreed to sign an agreement to stabilize oil prices for a period of one year.
“We want an agreement that would ensure sustainable stabilization of oil prices,” he said, adding that such criteria annual agreement fully meets, reports “Interfax”.
The OPEC Secretary General Mohammed Barkindo also told RIA Novosti that the agreement the oil-producing countries to stabilize the market may be concluded for one year, without specifying details.
Earlier, Russia and Saudi Arabia agreed to establish a working group to monitor the performance of the oil market and develop measures for its stabilization. Minister of energy of Russia Alexander Novak did not rule out that the two countries together with other major producers to freeze production to maintain oil prices.
About the freezing of oil production at the level of January 2016, Russia, Saudi Arabia, and two major producer in OPEC — Venezuela and Qatar agreed in February. However, Iran refused to join the agreement and it was not implemented.
In September, the daily oil production in Russia exceeded the max since 1991, reaching 11 million barrels per day.
