• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 hours The EU Loses The Principles On Which It Was Built
  • 42 mins Crude Price going to $62.50
  • 6 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 11 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 11 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 11 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 6 hours Why hydrogen economics is does not work
  • 13 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 19 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 19 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 17 hours Saudi Aramco IPO Seems Unlikely
  • 3 hours < sigh > $90 Oil Is A Very Real Possibility
Why Saudi Arabia Cut July Oil Production

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

Why The U.S. Won’t Sanction Venezuela’s Oil

Why The U.S. Won’t Sanction Venezuela’s Oil

Rumors of the U.S. government…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Russia Will Join Oil Freeze Talks After OPEC Members Agree In Algiers

Sechin Putin

Russia will join output freeze discussions with the Organization of Petroleum Exporting Countries only after its members agree on the terms of the deal amongst themselves first, according to three anonymous industry sources cited by Bloomberg.

The 14 members of OPEC will meet on 28 September on the sidelines of the International Energy Forum in Algiers next week.

The Russian Delegation, led by Energy Minister Alexander Novak, will attend the forum and hold meetings with foreign officials, but the group may leave before the OPEC meeting occurs on Wednesday.

Moscow would enter output freeze negotiations after receiving a formal invitation form OPEC to do so, the sources said, though the Russian Energy Ministry declined to comment.

Oil prices have been volatile leading up to the unofficial meeting in the Algerian capital. Crude prices dropped on Friday after sources close to Saudi Arabian and Iranian officials commented that the two rival regional powers may not come to an agreement during the meeting due to political and technical differences.

In April, Saudi Arabia walked away from a negotiated freeze deal at the last moment, after Iran refused to lower outputs as it rebuilt production capacity to pre-sanctions levels.

Russia agrees that Iran should be offered an exception to the deal as it restores the strength of its oil industry.

Related: Nigeria Sues Oil Majors Over $12.7 Billion In ‘Stolen Oil’

“Iran is starting from a very low position, connected with the well-known sanctions in relation to this country,” Russian President Vladimir Putin told Bloomberg earlier this month. “It would be unfair to leave it on this sanctioned level.”

Russian oil production reached a record high of 11.75 million barrels per day (bpd) last Tuesday, and averaged around 10.71 million bpd in the month of August.

The rise in Russian oil production has helped global supplies grow and, in turn, been influential in keeping prices low. Should this oil glut continue, OPEC could hold discussions immediately following the Algeria conference.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • James on September 25 2016 said:
    Russia lacks the investment capital to maintain current oil production. Russian economic plans follow Venezuela's lead.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News