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      Russia: Oil output freeze should have positive impact on market - Novak01:53

      Russia: Oil output freeze should have positive impact on market - Novak

      Russian Federation, Moscow
      Politics
      March 1, 2016 at 20:46 GMT +00:00 · Published

      Russian Energy Minister Alexander Novak commented on a possible deal among oil producing countries on capping crude production in 2016 during a press statement in Moscow, Tuesday.

      Novak confirmed that the majority of the oil companies support this initiative and in general it should have "a positive impact on the market" as it “guarantees predictability, decline of volatility and provides possibility for planning long-term activities.” "Many countries supported this initiative, so I think that together with OPEC and non-OPEC member states we will discuss the possibility to meet in March and consider the adoption of the final decision," he explained to journalists.

      Earlier on Tuesday, Russian President Vladimir Putin stated that "next year we should not increase oil output" during a meeting with top officials connected to Russia's oil industry.

      Russia: Oil output freeze should have positive impact on market - Novak01:53
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      Russian Energy Minister Alexander Novak commented on a possible deal among oil producing countries on capping crude production in 2016 during a press statement in Moscow, Tuesday.

      Novak confirmed that the majority of the oil companies support this initiative and in general it should have "a positive impact on the market" as it “guarantees predictability, decline of volatility and provides possibility for planning long-term activities.” "Many countries supported this initiative, so I think that together with OPEC and non-OPEC member states we will discuss the possibility to meet in March and consider the adoption of the final decision," he explained to journalists.

      Earlier on Tuesday, Russian President Vladimir Putin stated that "next year we should not increase oil output" during a meeting with top officials connected to Russia's oil industry.

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