Tuesday, April 26, 2016

Russia sees no moves to cap oil output before June OPEC meeting

MOSCOW (Bloomberg) -- Russia doesn’t anticipate any new initiatives to freeze oil production before an OPEC meeting scheduled for June, according to Energy Minister Alexander Novak. “I don’t expect anything,” Novak told reporters in Moscow on Tuesday. “Over the past week no one has contacted us" to continue talks on the issue, he said.
Russia’s attempt to broker an international agreement to freeze oil output at January levels failed earlier this month at talks in Doha. That leaves producing nations free to pump at will even as a global glut keeps prices 60% below their 2014 high. Novak last week denied a suggestion from Iraq’s Deputy Oil Minister Fayyad Al-Nima that producers could meet again in Moscow in May.

Saudi Arabia quashed expectations of a freeze agreement in Doha despite proposing such an accord in February with Qatar, Russia and Venezuela. The world’s biggest crude exporter said it couldn’t sign up to a deal without the participation of Iran, which has pledged to boost its own oil output to pre-sanctions levels before considering a cap.

Novak’s ministry plans to meet with Russian oil producers soon to discuss the results of the Qatar meeting, he said.

The Organization of Petroleum Exporting Countries is scheduled to hold its next bi-annual summit on June 2.


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