Russia to curb oil production in line with OPEC deal
November 25, 2016, 2:17 am

Alexander Novak seen here at a meeting of OPEC and non-OPEC countries in a bid to lower production. That meeting in April failed to reach consensus [Xinhua]

Russian Energy Minister Alexander Novak reiterated on Thursday the country’s commitment to freezing oil production at current levels.

A production cap would mean Russia pumping 200,000 to 300,000 barrels a day less than planned in 2017, Novak said while speaking to reporters in Moscow.

Russia is reportedly still unsure of how to freeze oil production as there has been no agreement among leading producers such as Iran, Iraq and Saudi Arabia on output curbs, Reuters reports citing unnamed industry analysts.

The three countries, all vying for influence within the oil cartel OPEC, have in recent months exchanged terse words over suggested production quotas.

OPEC ministers are expected to meet in days and markets are hoping for some kind of deal, which has for more than a year proven elusive.

OPEC reached a preliminary deal in September to cut collective output to around 33 million barrels a day and has asked non-members to contribute by cutting daily production by about 500,000 barrels.

Last month while attending the World Energy Congress in Istanbul, Russian President Vladimir Putin said that his country would back Saudi Arabia’s plan to curb oil production output in a bid to raise subdued oil prices.

We are “ready to join in joint measures to limit output and calls on other oil exporters to do the same,” Putin said.

But both Iran and Iraq have said that they would not curb output in their resurgent oil industries.

After years of war and sanctions, both countries are starved for foreign currency.

The BRICS Post with inputs from Agencies