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Russia receives no proposals from OPEC to reduce oil production: energy minister

Xinhua, September 26, 2016 Adjust font size:

Russian Energy Minister Alexander Novak said that his department didn't receive any proposals to reduce oil production from the Organization of Petroleum Exporting Countries (OPEC), the Russian news agency TASS reported Sunday.

"Nobody offered us such proposals," Novak was quoted as telling journalists in Algeria, adding that at the moment they were only talking about "freezing" the level of oil production.

The 15th International Energy Forum will be held in Algiers from Sept. 26-28, during which OPEC will hold an informal meeting to discuss oil price and production.

The Russian minister also noted that an agreement on "freezing" oil production is not "critically" important for Russia. He said the rebalancing of the oil market will occur in the second half of this year, regardless of the agreement on stabilization of oil production.

OPEC Secretary-General Mohammed Barkindo said last week that the Algiers meeting would try to reach a consensus to freeze outputs for at least one year.

The OPEC members pump up 33.4 million barrels per day, which is a very high level that would never help push prices to hike, said Algerian Energy Minister Noureddine Bouterfa. Endi