Russian official: OPEC deal can keep oil prices at current level

PYAKYAKHINSKOYE DEPOSIT, Yamalo-Nenets Autonomous District. Oct 25 (PRIME) -- Russia hopes that agreements between OPEC and non-OPEC oil producers will stabilize oil prices at the current level, Deputy Prime Minister Arkady Dvorkovich told reporters on Tuesday.

“We hope that agreements between oil producer countries will bear fruit and that oil prices will stabilize at least at the current level, which will help in both stabilizing investment programs and avoiding oil output cuts, which means avoiding a downturn in related industries, avoiding a downturn in the global development in general,” Dvorkovich said.

The Brent oil price has consolidated above U.S. $50 per barrel since the start of October.

OPEC agreed to limit daily oil output at 32.5–33.0 million barrels at an informal meeting in Algeria in September. Ceilings for each country will be defined at the organization’s next official meeting on November 30 in Vienna. Russian President Vladimir Putin said that Russia is ready to join OPEC in a freeze of oil production, if an agreement is reached.

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