Russia Keen on Production Freeze

Alexander Novak, Russia’s minister of energy, moved to reassure oil-price watchers by reaffirming at a CNBC-moderated panel at the World Energy Congress in Istanbul that his country is prepared to join the oil-producing cartel OPEC in a production freeze.

“Yesterday, when the President (Vladimir Putin) was talking here, I think he answered that question,” Novak said through an interpreter during the panel discussion.

“He said that at present, at the current period, the freezing or decreasing of production is the cleverest and the best way to re-balance the market so that we all could decrease the risk and mitigate the volatility risk that can influence the situation in the market.”

CNBC

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.