UPDATE2: Min: Russia undecided on meeting with OPEC states yet

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ALGERIA/MOSCOW, Sep 27 (PRIME) -- Russia has not yet decided whether to participate in an informal meeting of OPEC states in Algeria and its decision will depend on agreements inside OPEC, Energy Minister Alexander Novak told reporters Tuesday.

“This (Russia’s participation) will depend on whether agreements are reached at a meeting of OPEC members,” Novak said.

He said the informal meeting will take place either on Tuesday or on Wednesday.

Venezuelan Oil Minister Eulogio del Pino said the informal meeting will be held on Wednesday without Russia’s participation.

“No, because it will be an informal meeting,” he said when asked whether Russia would participate. He also said that oil prices could fall below U.S. $20 per barrel if oil producing countries fail to reach any agreements to stabilize the oil market at the upcoming meeting.

Novak said earlier that Russia is ready to discuss coordination of actions of oil producing countries, but a consensus inside OPEC should be reached.

The level at which oil production could be frozen is subject to discussion, Novak also said, adding that it would be the most profitable for Russia to freeze the output at the current level.

Novak also said he planned to meet with Iranian Oil Minister Bijan Zangeneh and Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid al-Falih later on Tuesday.

Iraqi Oil Minister Jabar Ali al-Luaibi said he hopes that OPEC members will reach an agreement on oil production freeze at the upcoming meeting. Iraq will support any measures aimed at increasing oil prices, he said.

Zangeneh said he came to Algeria only for exchange of opinions over possible oil production freeze.

United Arab Emirates (UAE) Energy Minister Suhail Bin Mohammed al-Mazroui said the UAE supports freezing oil production.

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