Russian Energy Minister, Alexander Novak, said his department has not received any proposals to reduce oil production from the Organisation of Petroleum Exporting Countries.
“Nobody offered us such proposals,” Novak was quoted as telling newsmen in Algeria, adding that at the moment they were only talking about “freezing” the level of oil production.
The 15th International Energy Forum would be held in Algiers from September 26 to 28, during which OPEC would hold an informal meeting to discuss oil price and production.
Novak also noted that an agreement on “freezing” oil production is not “critically” important for Russia.
Novak said the rebalancing of the oil market would occur in the second half of this year, regardless of the agreement on stabilisation of oil production.
Meanwhile, OPEC Secretary-General, Mohammed Barkindo, said recently that the Algiers meeting would try to reach a consensus to freeze outputs for at least one year.
“The OPEC members pump up 33.4 million barrels per day, which is a very high level that would never help push prices to hike,” Algerian Energy Minister, Noureddine Bouterfa, said.
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