Russian Energy Minister Says Hopes for Constructive OPEC Dialogue in Algeria

MOSCOW (Sputnik) – The Russian Energy Ministry is hoping for a constructive dialogue within the framework of the member states of the Organization of the Petroleum Exporting Countries (OPEC) in Algeria, Russia is ready to coordinate its actions with other oil producers in order to coordinate their actions on the market, Energy Minister Alexander Novak said Thursday.

OPEC member states are expected to renew talks on a possible oil output freeze with non-member states at the September 26-28 International Energy Forum (IEF) in Algiers, Algeria.

"We hope that there will be constructive dialogue within the framework of the OPEC countries which are planning to discuss the situation on the market and the situation regarding production, on possible quotas," Novak told reporters.

According to the official, Russia has repeatedly stated that it was ready to cooperate with other countries for the sake of coordination of actions on the market.

The minister added that the decrease in oil production by 5 percent is not going to be discussed at the forthcoming meeting.

"As I know from the information I receive from talks with ministers of other countries, this option has not been proposed [for discussion]," Novak added, answering a question about a possible 5-percent output cut.

Global oversupply and stagnated demand caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. The prices have since slightly recovered, reaching a peak of over $50 per barrel in early June.

In April, major oil-producing countries failed to reach an agreement in the Qatari capital of Doha to freeze output for the rest of the year in order to boost prices from historic lows. Saudi Arabia, which had previously said that it would freeze output only if Iran followed suit, cited Tehran’s absence from the talks as reason for not supporting an output freeze.