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Russia sees no point in oil freeze talks

Russia sees no point in oil freeze talksRussia, one of the world’s top oil producers, sees no need for new discussion of an oil-output freeze at current crude prices, but is ready for negotiations is future if necessary, Energy Minister Alexander Novak told Monday.

“A basis for this has yet to develop, considering prices are still at more or less normal levels,” Novak said. “If prices will fall then that necessity will most likely arise.”

He told reporters that he is ready for talks if other nations raised the issue but still there is no reason to concern.

"If other countries raise the issue of a freeze, we are ready to discuss this… But the position of Russia is that the prerequisites for this have not yet come to pass, considering that prices are still at a more or less normal level."

Novak added that talks on freezing output could possibly happen if prices fall.

Russia, Saudi Arabia and other major oil exporters met in Doha in April in a bid to stabilize global markets by putting caps on output. The effort collapsed as Saudi Arabia demanded that rival Iran join the pact. At the time, Iran had ruled out any limits as it ramped up production after the lifting of international sanctions.

The Russian energy minister did not exclude the possibility that he could meet with his Saudi counterpart, Khalid Al-Falih, in Algiers next month.

OPEC members will meet next month in Algiers during International Energy Forum to talk about oil markets and potential cooperation with other producing nations. Still there is no plans to renew the freeze.
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