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On February 26, Russian Energy Minister Alexander Novak said that the proposed oil production freeze proposed by Russia and Saudi Arabia would take at least one year to take effect
.
He said that the major oil producers could agree on a freeze in mid-March and then assess the effectiveness
of the mechanism in June.
As oil prices fell to near a two-year low, Russia, Saudi Arabia, Venezuela and Qatar reached a preliminary agreement last week to freeze output at January levels if other producers joined in
.
Novak also said that Iran's needs would be separated for separate assessment — an earlier statement by Iran's oil minister that the motion was a "joke.
"
"The news we got was that they were not prepared to cut production and they were not prepared to freeze
.
" "Under this framework, we should make a separate and objective assessment
of their specific situation," Novak said.
”
12Next View full article
On February 26, Russian Energy Minister Alexander Novak said that the proposed oil production freeze proposed by Russia and Saudi Arabia would take at least one year to take effect
.
He said that the major oil producers could agree on a freeze in mid-March and then assess the effectiveness
of the mechanism in June.
As oil prices fell to near a two-year low, Russia, Saudi Arabia, Venezuela and Qatar reached a preliminary agreement last week to freeze output at January levels if other producers joined in
.
Novak also said that Iran's needs would be separated for separate assessment — an earlier statement by Iran's oil minister that the motion was a "joke.
"
"The news we got was that they were not prepared to cut production and they were not prepared to freeze
.
" "Under this framework, we should make a separate and objective assessment
of their specific situation," Novak said.
”
12Next View full article
12Next View full article
