Min: Russia expects oil output cut deal by OPEC Nov meeting

MOSCOW, Oct 7 (PRIME) -- Moscow sees the forthcoming negotiations with OPEC during an energy summit in Istanbul as an important step to an oil production cut agreement and expects that it will be reached before a November meeting of OPEC, Russian Energy Minister Alexander Novak told reporters on Friday.

“In Istanbul, we initially planned to hold consultations with the countries presented there. We will hold a range of bilateral meetings with the ministers of OPEC states in order to discuss joint actions. This is one more step on the path to an agreement to limit output. (We presume that this agreement will be struck before the OPEC meeting in November),” Novak said.

Last week, the organization agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output to reduce global oil glut. The 14-nation oil-producing group controls over a third of the world’s oil production, but said it also wanted non-OPEC producers to join the effort to curb output.

End