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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

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Russia Says Six-Month Oil Output Freeze Most Efficient

Novak Russia

Freezing global crude oil production for six months with an option for an extension would be the most appropriate and efficient way to rebalance the market, Russia’s Energy Minister Alexander Novak said in a TV interview the ministry published on Monday.

Moscow is continuing its consultations with companies operating in Russia, and hopes that everyone will take part in an agreement on freezing output, the minister added.

At the end of last month, OPEC producers agreed to discuss a deal to limit production to a range of between 32.5 million barrels per day and 33 million bpd. Oil prices rallied after that announcement then, but later lost steam amid growing skepticism if OPEC would be able to agree to quotas and more importantly, to stick to its decisions.

In a surprise twist of events at the beginning of last week, Russian President Vladimir Putin said that Russia was ready to join OPEC’s efforts to reduce global oil supply, but stuck to the word “freeze” instead of “cut”.

In his TV interview, Novak reiterated Russia’s commitment to join talks on the freeze, which he says could help markets return to balance quicker. Prices need to be higher for investment to return, the minister noted, but warned that they should not be so high that they attract a quick inflow of capital, especially in shale oil.

In addition, a Russia-Saudi Arabia working group will be meeting in Riyadh in the second half of October to discuss energy cooperation, the Russian minister noted.

So various-format OPEC and non-OPEC meetings will be held before OPEC’s regular meeting in Vienna on November 30, which is expected to discuss the specifics of a potential deal to limit production.

Meanwhile, OPEC’s crude oil output reached a new record of 33.64 million barrels per day in September, according to the International Energy Agency (IEA). Russia saw its oil output last month rise to a new high as well, of 11.11 million barrels per day, up 4 percent on August.

By Tsvetana Paraskova for Oilprice.com

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  • Jack MA on October 17 2016 said:
    Putin is a chess master. Freezing oil prices for 6 months gains him power. Saudi needs to not only freeze, but cut production or surrender to inevitable bankruptcy in the near future. Russia loves this game now. They too have a IPO but in chess, all one needs left after a piece for piece sacrifice is just one pawn left. That single pawn moves to become a KING unabated. Checkmate not in 6 moves, but in 6 months moves. Warmest regards.
  • Ronald Wagner on October 27 2016 said:
    Russia is in nearly as bad an economic condition as the Middle East. All nations overly dependent on oil and natgas have a dismal future. The Middle East also has a population explosion to contend with, however.

    If Putin was as smart as he thinks he is he would have made nice with Europe long ago. His propaganda would have been much more effective without the bluster and aggression.

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