Russia and OPEC countries are studying various mechanisms to stabilize oil
production volumes, Russian Energy Minister Alexander Novak said at a press
conference in the framework of the "Energy DialogRussia-OPEC"
on Monday.
"We are working on various options and mechanisms for OPEC and
non-OPEC countries. Now a more detailed study of specific proposals within OPEC
is in progress. The proposals will be discussed in November at the next
conference," the minister said.
Russia considers an option of either freezing or reducing oil production in
terms of acting together with the OPEC, Novak said.
"We are viewing different options," the minister said responding
to a question whether Russia is ready to reduce oil production instead of
freezing it.
Different scenarios exist and "undergo estimation" in terms of
discussed parameters and mechanisms, Novak said.
"As for the parameters and mechanisms we are discussing - there are
different scenarios and calculations are being made. Not only for OPEC and
Russia, the whole volume of production and demand is being discussed in order
to come up with as precise forecasts as possible," he said.
Russia has not yet made final decision on the way of stabilizing oil
production through reduction or freeze, Novak said earlier.
Novak told reporters earlier that the issue of freezing oil production will
be discussed during the talks, but will not be the main topic.
According to him, the energy dialogue is a traditional format for
discussing other issues that do not concern freezing oil production and market
coordination. It includes analysis, monitoring of the situation in the world
oil markets, exchanging the best practices in taxation, modern technologies.
The OPEC countries managed earlier to agree upon the oil production limit
of 32.5-33 mln barrels daily at the informal meeting in Algeria on September
28.
Information and analytical
interaction
According to the minister,Russia and OPEC countries agreed to join
efforts in information and analytical interaction.
"We agreed with our colleagues and the OPEC that we will join hands in
terms of information and analytical studies and analysis separately performed
by the OPEC and Russian specialists now. We want to have a synergetic effect in
this regard," the minister said.
Russia-OPEC Energy Dialog
meeting
Novak went on to say that the next meeting of the Russia-OPEC Energy Dialog
may be held in Moscownext year.
"We slated the next meeting will be in Moscow next year or probably in
any other city. We will additionally determine it, depending on wishes of our
colleagues," the minister said.
Since September 2012, Russia and OPEC have been holding meetings called
"Energy DialogRussia-OPEC". The most recent - the fourth
meeting was held in Moscow on July 30, 2015, where the parties touched upon the
situation in the oil market, as well as mid-and long-term prospects of its
development.
(ITAR-TASS)