Russia’s energy officials with attend talks with OPEC countries in Vienna on November 26-28 ahead of the OPEC ordinary meeting, Energy Minister Aleksandr Novak told reporters on Saturday.
“One should move ahead step by step. The next stage is November 26-28 when experts will come together again so as before the OPEC meeting scheduled for November 30 to look through the figures once more,” Novak said, noting that both OPEC countries and non-OPEC countries were due to be engaged in the talks. The dates are being specified.
When asked if Russia would stick to its position of freezing the output, but not curbing it, Novak answered that as of today, proceeding from the companies’ investment plans, in 2017 Russia might increase oil production to 200,000 barrels per day.
“So freezing means for us that we will not increase it,” he said. “Essentially, it is a contribution that, owing to a growing demand expected to stand between one and 1.2 million barrels per day, we will not seek to cover this demand by increasing our own output and the surplus on the market might be reduced through these mechanisms.”
The Russian energy minister is convinced that the issue of oil output freeze could be considered at a meeting of the OPEC countries on November 17. At present, the list of participants is verified. If the meeting envisages the presence of ministers, Russia’s Energy Ministry will hold bilateral talks on its margins.
Besides, Russia’s Energy Ministry is expected to take part in the intergovernmental commission’s work scheduled for the next week in Japan. A visit to Iran is scheduled for mid-December to hold a meeting of the intergovernmental commission there.