Minister: Russia ready to mull freeze of oil output with OPEC

MOSCOW, Aug 8 (PRIME) -- There are no prerequisites for a freeze of oil production, but non-OPEC member Russia is ready to discuss it if OPEC brings up the issue again, Energy Minister Alexander Novak told reporters Monday.

On Friday, some media reported that OPEC may resume talks on a freeze of oil output at an International Energy Forum in Algeria in late September.

“We have always been holding position that we are open for negotiations. So, if there is such a need and OPEC will discuss it, we are ready to discuss it as well,” he said.

“I think that there are currently no prerequisites for that, taking into account that prices are at a more or less acceptable level of between U.S. $45 and $50. If the prices fall, the need (to freeze oil output) may emerge. We should monitor the situation with prices until the winter period. But now we have summer highs of demand and consumption of oil given the heat, so we should study the seasonal character now.”

Novak also did not rule out a meeting with the Saudi Arabian oil minister during the forum. “We are now working on issues regarding the trip and Russia’s participation in it,” he said.

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