Russian Energy Minister Says Oil Output Freeze Not on the Agenda

August 8, 2016 Share Print 0

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

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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, Alfonso Esparza 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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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.