Russia: “OPEC” can reach a deal by the end of November

Russian energy minister, “Alexander Novak,” said after a meeting with his counterparts in “OPEC” countries, it has increased confidence in the possibility of reaching an agreement between Moscow and OPEC regarding production in order to support the coherence of global oil prices.


Novak said he held a productive meeting with the Saudi Energy Minister Khalid al-Falih, in Doha, Qatar, which is hosting a summit of gas exporting countries. The Russian minister told reporters that the “installation of production is one of the options under discussion,” but declined to go into details or disclose the level at which production may be fixed to. He added he is certain that “OPEC” can reach an agreement on November 30, 2016 in Vienna, capital of Austria, when the group meets to finalize a preliminary agreement regarding the production, but he pointed out that it is important for Russia that the organization is committed to their agreements.