MOSCOW (Sputnik) — Moscow intends to hold additional consultations with the Organization of the Petroleum Exporting Countries (OPEC) to determine a target month at which level the oil production would be frozen, Russian Energy Minister Alexander Novak said on Monday.
"As for the specific [target] month, we will hold additional consultations with OPEC countries on the matter," Novak told Rossiya 24 broadcaster.
He added that the most efficient way to stabilize market prices was to freeze production for a period of six months with the possibility of extension.
In late September, OPEC member states reached a preliminary deal to set the output ceiling at 32.5-33 million barrels a day for the whole cartel. The date of the oil output freeze is expected to be presented at the cartel's upcoming meeting in November.
