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Russia expects producers to finalize oil freeze deal at upcoming Vienna meeting: minister

Xinhua, November 24, 2016 Adjust font size:

Russia expects that crude oil producers will be able to curtail output to stabilize prices at an upcoming meeting in Vienna, Austria, Russian Energy Minister Alexander Novak said Thursday.

"I believe that we have a fairly good chance," Novak told reporters when commenting on the upcoming meeting between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC crude producers scheduled for Nov. 30.

At an informal meeting of OPEC in Algeria in late September, participants agreed to restrict oil output, but there was no special agreement on specific limits or cuts for particular countries.

The final decision is largely expected to be made at the official meeting in Vienna.

It is also expected that a number of oil-producing countries, which are not OPEC members, including major producer Russia, would join the agreement.

Russia is ready to cap its output at the current level, Novak said, adding that the country is in talks about a crude oil output freeze with other non-OPEC countries, in particular with Kazakhstan, Uzbekistan and Mexico.

Novak said Russia would cut its oil output by 200,000-300,000 barrels per day in 2017 if an output freeze agreement was reached.

Russia produced around 534 million tons (10.7 million barrels per day) of oil in 2015, up 1.4 percent year-on-year, according to the Energy Ministry. Endi