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Russian Energy Minister Denies Bids to Reduce Production | ASHARQ AL-AWSAT English Archive 2005 -2017
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Russian Energy Minister Novak speaks to journalists following news conference at Russia-ASEAN summit in Sochi. Reuters

Moscow- Russia has not received proposals from OPEC on oil production decline.

At the moment, we are talking only of “freezing” the level of production,” said Russian Minister of Energy Alexander Novak.

According to Novak, none of the countries, exporters of oil, went to Russia with a proposal to reduce oil production.

It was previously reported that the Algerian authorities allowed the conclusion of an agreement between the member countries of OPEC to reduce oil production.

The energy Minister also noted that the agreement on “freezing” oil is not “critically” important for Russia.

He said that the rebalancing of the oil market will occur in the second half of this year.

Russia still hopes oil exporter countries would reach a deal to freeze productions in order to curb the fluctuations in global oil market and the drop in oil prices since it has triggered many negative effects on the Russian economy, which depends mainly on oil and crude revenues in general.

Earlier, Russia’s Energy Minister told TASS that there were chances that oil exporters would agree on oil production freeze, but they are not 100%.