"We have said before that we are ready to consider participation in joint actions by OPEC and non-OPEC states. Such consultations were held in February and in April. We always took a very flexible stance because we believe that the market is not balanced now, investment has significantly decreased, which poses risks in the future," Novak said.
"Of course there are a number of details that need to be worked on. As part of the achieved agreements, OPEC countries will work out concrete proposals in October-November that will be considered by non-OPEC states," Novak said.
OPEC oil producing countries agreed a preliminary deal on Wednesday on the sidelines of an international energy forum in Algiers, Algeria. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. Further details of the deal are due to be unveiled at the group’s meeting in November.
