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Russia Keen on Production Freeze

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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.”

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Former Craig

Former Craig

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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