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Russia: Saudi-led oil output freeze position change 'unexpected' - Novak01:05

Russia: Saudi-led oil output freeze position change 'unexpected' - Novak

Russian Federation, Moscow
April 20, 2016 at 05:49 GMT +00:00 · Published

Russian Energy Minister Alexander Novak said that the change of the position of Saudi Arabia and other nations with regards to the oil price freeze was very sudden and unexpected for Russia and other countries, during a press statement at the National Petroleum Forum in Moscow, Wednesday.

He underlined that his comments regarding this issue should be considered "carefully" because Russia does "not fully define pricing" in the oil market as it is not an Organisation of the Petroleum Exporting Countries (OPEC) member. He stated that Moscow "did not receive any invitations" to the upcoming OPEC summit in Vienna, scheduled for June 2016.

On April, 17 it was expected that oil-producing countries would sign a production freeze agreement in Doha, but Saudi Arabia called for the participation of all OPEC members, including Iran. However a deal was not reached after Iran stated it may join Russia and other oil suppliers in freezing production but only after it has been boosted to four million barrels per day.

Oil prices have soared by more than 30 percent on the prospect of a production freeze. The failure to reach an agreement to freeze production is likely to see prices plunge again.

Russia: Saudi-led oil output freeze position change 'unexpected' - Novak01:05
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Russian Energy Minister Alexander Novak said that the change of the position of Saudi Arabia and other nations with regards to the oil price freeze was very sudden and unexpected for Russia and other countries, during a press statement at the National Petroleum Forum in Moscow, Wednesday.

He underlined that his comments regarding this issue should be considered "carefully" because Russia does "not fully define pricing" in the oil market as it is not an Organisation of the Petroleum Exporting Countries (OPEC) member. He stated that Moscow "did not receive any invitations" to the upcoming OPEC summit in Vienna, scheduled for June 2016.

On April, 17 it was expected that oil-producing countries would sign a production freeze agreement in Doha, but Saudi Arabia called for the participation of all OPEC members, including Iran. However a deal was not reached after Iran stated it may join Russia and other oil suppliers in freezing production but only after it has been boosted to four million barrels per day.

Oil prices have soared by more than 30 percent on the prospect of a production freeze. The failure to reach an agreement to freeze production is likely to see prices plunge again.

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