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Russia's Strategy Presupposes Keeping Current Oil Production Levels Novak

© REUTERS/ Sergei Karpukhin
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Russian strategy aimed at stabilizing oil markets presupposes keeping current oil production levels, 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.

"We are ready and our strategy presupposes keeping [oil] production levels," Novak told journalists in Algeria, where he is taking part in the International Energy Forum (IEF) taking place on September 26-28.

Related:
OPEC May Agree on Oil Output Freeze Conditions in November, Possibly Earlier
Iran, Saudi Arabia More Flexible in Readiness to Reach Deal Regarding Oil Output
Russia to Evaluate OPEC Options of Oil Output Freeze Based on Market Interests
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oil output, Alexander Novak, Russia
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