Moscow is willing to discuss with OPEC the possibility of freezing oil production if prices fall further, DowJones reported citing Russian Energy Minister Alexander Novak. Several members of the Organization of the Petroleum Exporting Countries said last week they wanted to revive the idea of setting new limits on oil production this fall when the 14-country group meets in September.
Russia is also likely to meet Saudi its counterpart in September, the report said. A similar initiative failed last April during talks in Doha, when Saudi Arabia refused to freeze its production unless Iran promised to do the same. Tehran has refused to support freezing measures until its oil production reaches pre-sanctions levels.
Some OPEC members have said they could reach a freeze deal as early as the week of Sep 26, when oil producers meet for the International Energy Forum in Algeria, the report added. Talk of a freeze has gained support from the Arab Persian Gulf as long as OPEC and non-members, such as Russia, coordinate production freezes. Crude oil for August delivery surged 2 % at Rs 2,844 per barrel, its highest level since Jul 26, on MCX
