Consultations with OPEC may focus on 5% reduction of oil production by each state - Russia’s Energy Minister

ST. PETERSBURG, January 28. /TASS/. The consultations of representatives of OPEC and non-OPEC members due in February may focus on reduction of crude oil production by up to 5% by each country, Russia’s Energy Minister Alexander Novak said on Thursday. "In fact when we last discussed (the issue) we generally focused not on the Russian Federation but on all countries engaged in production and export of oil, with those parameters being announced on reduction of output by up to 5% by each country," Novak said. According to the minister, the issue is not being discussed "straightforwardly." "There are many issues regarding control over reduction, depending on what base to start with, but in order to develop those issues a common agreement is needed, so it’s early to speak about it. So this is what the meeting and discussion (in February) will focus on," Novak said. Read more