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Wednesday, October 26, 2016

Russia has agreed to an exception for Iran’s level of oil production

Russian energy Minister Alexander Novak said that Russia will not protest if in the course of the discussion the freezing of the level of oil production to stabilize prices on the market will stipulate exceptions for some countries. According to “Interfax”, in particular, he said that primarily we are talking about Iran and Nigeria and Libya, where there was a decrease in production for reasons beyond their control.

He stressed that first and foremost needs to be formed position of OPEC and these countries must discuss and make decisions. You can then discuss which proposals have OPEC, for countries outside the cartel.

The agreements about the freezing of oil production can accelerate the balancing of the oil market for three to six months, said Minister of energy of the Russian Federation .


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