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OPEC May Agree on Oil Output Freeze Conditions in November, Possibly Earlier

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The Organization of the Petroleum Exporting Countries (OPEC) may make a decision on the oil output freeze conditions in November, though the OPEC may convene for a meeting earlier if necessary, Russian Energy Minister Alexander Novak said Tuesday.

ALGIERS (Sputnik) — In April, major oil-producing states failed to reach an output-freezing agreement in Doha, Qatar. Saudi Arabia, which had previously said that it would freeze output only if Iran followed suit, cited Tehran’s absence from the talks as the reason for not supporting an output freeze.

"I've heard today during bilateral consultations and multilateral talks with OPEC ministers that the formal decision may be taken in November, as well as that an OPEC session may be convened earlier if needed," Novak told journalists in Algeria where he is partaking in the International Energy Forum (IEF) taking place on September 26-28.

Related:
Russia to Evaluate OPEC Options of Oil Output Freeze Based on Market Interests
OPEC Ministers Not Expecting Official Decision on Oil Output Freeze on Wednesday
Novak Says Up to OPEC to Set Special Conditions for Iran, Nigeria, Libya
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oil output, OPEC, Alexander Novak, Russia, Algeria
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