Russian Energy Minister Says Oil Output Freeze Not on the Agenda

Russia, the world’s top oil producer, sees no grounds for new talks on freezing oil production yet but is open to negotiations, Energy Minister Alexander Novak said on Monday.

He told reporters: “If other countries raise the issue of a freeze, we are ready to discuss this.”

“But the position of Russia is that the prerequisites for this have not yet come to pass, considering that prices are still at a more or less normal level.”

Novak added that talks on freezing output could possibly happen if prices fall.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza