Russia can freeze oil output at November levels
Russia can freeze oil production at November volumes if OPEC agrees on measures to stabilize output in Vienna later this month, Russian Energy Minister Alexander Novak said, RIA Novosti reported.
"This will be discussed depending on when our OPEC colleagues will come to a common understanding… If the decision is made on November 30, then November will be taken as the basis," Novak told reporters.
In September, OPEC producers agreed during the informal meeting in Algiers to cut the oil output to 32.5-33 million barrels per day (bpd) from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC November 30.