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Russia may join output freeze deal if OPEC reach consensus: minister

Xinhua, November 27, 2016 Adjust font size:

Russia may join an oil output freeze agreement if the Organization of Petroleum Exporting Countries (OPEC) reaches a consensus within itself, Energy Minister Alexander Novak said Saturday

The Russian minister made the remarks ahead of an OPEC meeting to discuss the implementation of production cap measures.

"We support the position that OPEC countries should first reach a consensus within the organization before non-OPEC producers join the agreement," Novak told reporters.

He added that Russia remains positive about the agreement and would continue to participate in relevant consultations.

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 oil cartel is scheduled to meet in Vienna, Austria on Nov. 30 in a bid to finalize a detailed deal.

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

Russia would cut its oil output by 200,000-300,000 barrels per day in 2017 if an output freeze agreement was reached, according to the minister. Enditem