By November 21, 2016 0 Comments Read More →

Putin sees no difficulties for Moscow to freeze oil output

OPEC nations are due to agree a world oil output freeze pact with non-OPEC countries on Nov. 30.

Russian President Vladimir Putin says oil firms in Russia are ready to freeze their oil output at current levels should a pact between OPEC and non-OPEC members be agreed upon next week. Bashneft photo.

Putin sees high probability that oil output deal will be reached next week

LIMA, Nov 20 (Reuters) – Russia is ready to freeze its oil output – among the world’s highest – at current level as there would be no problems for Moscow to do so, Russian President Vladimir Putin said on Sunday.

OPEC nations are due to agree a world oil output freeze pact with non-OPEC countries on Nov. 30.

“We will do everything that our partners from OPEC are expecting. To freeze crude production is not an issue for us,” Putin told a news conference in Lima after the APEC summit.

He added that Russia’s oil firms are ready to do so.

Putin also said he has seen a “high probability” that the deal aiming to prop up the markets and boost prices would be reached in an OPEC meeting next week.

(Writing by Denis Pinchuk; Editing by Sandra Maler)

Posted in: Energy News

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