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Russia prefers keeping its current oil production level

Xinhua, September 28, 2016 Adjust font size:

Russian Energy Minister Alexander Novak said Russia's strategy to stabilize the oil market presupposes keeping its current oil production level, the Russian news agency Sputnik reported Tuesday.

"We are ready and our strategy presupposes keeping oil production levels," Novak told press during the 15th International Energy Forum (IEF) held in Algeria on Sept. 26-28.

Russia's Deputy Energy Minister Kirill Molodtsov said last week that Russian oil production has reached a record high in September, with daily output exceeding 11 million barrels on Sept. 8.

OPEC Secretary-General Mohammed Barkindo said last week that a meeting of Organization of Petroleum Exporting Countries (OPEC) on the IEF sidelines will try to reach a consensus to freeze output for at least one year.

In April, the world's major oil producers failed to secure a production freeze deal in Doha, Qatar. Endi