Russia wants to agree with OPEC on oil output freeze in March

MOSCOW, Mar 1 (PRIME) -- Moscow plans to hold negotiations over freezing oil output with OPEC countries and other oil producers in March, Russian Energy Minister Alexander Novak told reporters on Tuesday.

“We also agreed to monitor the satiation, to continue cooperation with our colleagues from other countries, because the initiative discussed in Doha on February 16 is still discussed as a proposal by market players,” he said.

Novak agreed to keep oil output at January levels on average in 2016 with Saudi Arabia, Qatar and Venezuela during previous negotiations in Doha.

“Many countries supported this initiative, and I believe that in the future we will hold negotiations with both OPEC and non-OPEC countries in March and consider the possibility of making a final decision.”

Over 15 countries agreed publicly to freeze oil production volumes at the level of January, the minister said.

COMPANIES SUPPORT FREEZING, NOT CUTTING

Russian oil producers supported the idea at a meeting with President Vladimir Putin, Novak said, adding that the measure will make the oil market more predictable.

Nevertheless, the industry has no plans to decrease production, he said.

Putin met with CEO of state-run oil major Rosneft, oil giant Lukoil, oil producers Gazprom Neft, Bashneft, Tatneft, Zarubezhneft, oil and gas producer Surgutneftegas and Independent Petroleum Company.

Oil companies asked Putin not to raise taxation of the industry in the middle run, and the government will consider it, Novak said separately.

“I felt as if the president certainly heard the opinion of the companies,” he said.

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